Had our 341 today and as most folks have reported the process was fairly uneventful. Lots of folks in the hearing room, they were running about 10-12 cases per hour. Most got the usual questions about accuracy, have you listed all assets, anything change, etc.
One gentleman was in there with some significant assets. He owned some property that was part of a campground/golf course. There were a number of different actions going on with the case and the trustee spent about 20 minutes back and forth with the attorney. Looks like the trustee will take the property, settle with someone that has a judgment, then see if he can sell it and pay off the creditors. Property was estimated around $600K and there is only one potential buyer. I think the judgment and other debts only totaled about $300K. I really felt for the guy as it was a rather long and twisty road that brought him to this.
In terms of our case, the trustee had a few questions, mostly about assets we'd sold in the past two years: a motorcycle, some cows and a car. He did ask about how we valued our house. We had a realtor do a market appraisal, but just recently got our county assessment, which was about $1K off from what the realtor estimated. Most folks said they used Zillow for the valuation and the trustee never quibbled with it. Wanted to know when we obtained our vehicle loan.
We have about $8,500 worth of cattle that we were not able to fully cover with exemptions. Not a single question about these. At the end of the hearing he stated "appears to be a no asset case." This was what he said after most cases, (except for the golf course guy). I'm guessing this means he will abandon the cattle, but of course we'll need to wait for the official word. My attorney had indicated that the trustee would not want the cattle since he'd have to feed and house them while he tried to sell them, after paying us the exemption amount for them.
No creditors showed up except for the credit union that has our vehicle loan. We are reaffirming on this vehicle as the credit union agreed to skip a payment and drop the payment from $650 to $400 a month. We have about $8K equity in the vehicle using KBB low trade-in value.
If all goes well from here on out we'll be discharging about $300K in debt.
All in all a pretty good day, considering the long and painful road we've traveled for the past two years.
One gentleman was in there with some significant assets. He owned some property that was part of a campground/golf course. There were a number of different actions going on with the case and the trustee spent about 20 minutes back and forth with the attorney. Looks like the trustee will take the property, settle with someone that has a judgment, then see if he can sell it and pay off the creditors. Property was estimated around $600K and there is only one potential buyer. I think the judgment and other debts only totaled about $300K. I really felt for the guy as it was a rather long and twisty road that brought him to this.
In terms of our case, the trustee had a few questions, mostly about assets we'd sold in the past two years: a motorcycle, some cows and a car. He did ask about how we valued our house. We had a realtor do a market appraisal, but just recently got our county assessment, which was about $1K off from what the realtor estimated. Most folks said they used Zillow for the valuation and the trustee never quibbled with it. Wanted to know when we obtained our vehicle loan.
We have about $8,500 worth of cattle that we were not able to fully cover with exemptions. Not a single question about these. At the end of the hearing he stated "appears to be a no asset case." This was what he said after most cases, (except for the golf course guy). I'm guessing this means he will abandon the cattle, but of course we'll need to wait for the official word. My attorney had indicated that the trustee would not want the cattle since he'd have to feed and house them while he tried to sell them, after paying us the exemption amount for them.
No creditors showed up except for the credit union that has our vehicle loan. We are reaffirming on this vehicle as the credit union agreed to skip a payment and drop the payment from $650 to $400 a month. We have about $8K equity in the vehicle using KBB low trade-in value.
If all goes well from here on out we'll be discharging about $300K in debt.
All in all a pretty good day, considering the long and painful road we've traveled for the past two years.
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