We have provided all nesessary documentation (I hope) just for our Attorney to make an evaluation. (CT)
The general comment from his is
"I can tell you now that you are both over the exemption limit for cash surrender value of life insurance. You each will be able to exempt only $4,000 of the cash surrender value of your life insurance. You will, however, be able to exempt your condo equity, and ... The dolls are not going to be exempt. And, you are only going to be able to exempt $1,000 each in your bank accounts.
So, I anticipate that you are going to have the kind of chapter 7 bankruptcy case where you would lose some assets, and we are going to need to discuss in greater detail what assets you would lose and whether in light of that you wish to file for bankruptcy. Chapter 13 would present another option for making payments over time as a way to buy back nonexempt equity."
Reading through a lot on this forum, I don't remember reading any comments regarding insurance polocies. Also the rest of our assets are the things many of you talk about in all your posts. Maybe $500 in stereo equipment (ebay) and basic crap. The doll collection may be worth $1000 or a little more, but that includes 50 dolls. Will a trustee really want to try and sell fifty dolls?
No other big ticket items. 2 cars, both under limit and condo which the equity is exempt.
Is there a true likekyhood that we will lose some of those "assets"? And the chapter 13 recommendation-we are broke-do have modest incomes-but have no money to buy anything. Did we pick a real winner Attorney?
The general comment from his is
"I can tell you now that you are both over the exemption limit for cash surrender value of life insurance. You each will be able to exempt only $4,000 of the cash surrender value of your life insurance. You will, however, be able to exempt your condo equity, and ... The dolls are not going to be exempt. And, you are only going to be able to exempt $1,000 each in your bank accounts.
So, I anticipate that you are going to have the kind of chapter 7 bankruptcy case where you would lose some assets, and we are going to need to discuss in greater detail what assets you would lose and whether in light of that you wish to file for bankruptcy. Chapter 13 would present another option for making payments over time as a way to buy back nonexempt equity."
Reading through a lot on this forum, I don't remember reading any comments regarding insurance polocies. Also the rest of our assets are the things many of you talk about in all your posts. Maybe $500 in stereo equipment (ebay) and basic crap. The doll collection may be worth $1000 or a little more, but that includes 50 dolls. Will a trustee really want to try and sell fifty dolls?
No other big ticket items. 2 cars, both under limit and condo which the equity is exempt.
Is there a true likekyhood that we will lose some of those "assets"? And the chapter 13 recommendation-we are broke-do have modest incomes-but have no money to buy anything. Did we pick a real winner Attorney?
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