How long until trustee checks out my house?

[tdawg]

My 341 was just before Christmas, and the trustee asked for a number to reach me at so he could have someone come check out my house. It definitely has negative equity. For people who have experienced this (I understand it's common in FL), when do they usually do this? I would prefer for him to do this asap just to get it over with. Is it usually a week after your 341? a month?

Thanks!

[AngelinaCatHub]

I actually have not heard of this happening. We are in the middle district and were never asked and we were an asset case. I guess it depends on the Trustee, and he also may just be blowing smoke. 'Hub

[gunner01]

I actually have not heard of this happening. We are in the middle district and were never asked and we were an asset case. I guess it depends on the Trustee, and he also may just be blowing smoke. 'Hub

Was your trustee a female? I am also in the middle district of Florida.

[tdawg]

Was your trustee a female? I am also in the middle district of Florida.

I'm in Seattle (so Western Washington district). and I haven't heard of this here. But my house does have negative equity (I bought it in 2008 and put 0 down).

Here's what it says on pacer:

"Trustee's Initial Report. The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests. (Trustee name redacted)"

I would think once he sees there is no value in my property that is not subject to security interests, he will change this to report of no asset. I can't think of any property in this area that could have been purchased in 2008 with 0 down that would have equity. But I'm wondering if he will actually send someone out here to look around the house (would be a total waste of money) that will confirm that there is no equity, and how long that will take. I guess I should just be patient. ;-)

[gunner01]

I'm in Seattle (so Western Washington district). and I haven't heard of this here. But my house does have negative equity (I bought it in 2008 and put 0 down).

Here's what it says on pacer:

"Trustee's Initial Report. The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests. (Trustee name redacted)"

I would think once he sees there is no value in my property that is not subject to security interests, he will change this to report of no asset. I can't think of any property in this area that could have been purchased in 2008 with 0 down that would have equity. But I'm wondering if he will actually send someone out here to look around the house (would be a total waste of money) that will confirm that there is no equity, and how long that will take. I guess I should just be patient. ;-)

Hello tdawg,

In the Middle District of Florida it is my understanding that the female trustee here; sends someone to your home about 90% of the time if you are filing BK with assets. Are you going to keep your home or are is it part of your BK? There are two types of assets those that are exempt and nonexempt.

I understand how you feel. We filed a chpt 13 in Aug. 2009 and converted to chpt 7 in late Dec. due to income change, which means a new 341 meeting with a different trustee on Feb. 10th. Being patient when you are ready to just move on with your life and this process is really hard to do!

Best Wishes,

Gunner01

[FloridaFiler]

Hello tdawg,

The 2 Ft Meyers Trustees-Chapt 7,(Middle District, FL) usually send someone to your home to appraise your personal property. If you are keeping your home then you will only be able to protect $1k of personal property per spouse filing. ie. husband & wife both filing would get $2k in exemptions. If you are giving up your home, that is not taking the Homestead Exemption, then you are given and additional $4k per spouse for personal property...$8k for both plus the $2k which gives you $10k total.

We were appraised and after appraisal, with jewelery and all, we were about $5k over the $10k exemptions (we're not keeping the home) Still haven't heard if we need to buy back this amount or not. We were discharged a couple of weeks ago but still anxious on if we need to come up with any $.

All that being said, make sure you speak to your atty. for what is available and best for you.

All the best, and as everyone here that has gone through this bk thing say ...it does get better.

FLFIler

[gunner01]

Hello Florida Filer,

I am in the Middle District, FL as well. How long after your 341 meeting did someone come to your home? When did they give you your appraisal amount? I am looking for insight as to how this part of the process works.

Best Regards,

Gunner01

[DeadManCrawling]

In our case, filed in Tampa,

Anyone who was going to be appraised, and that was most of us, was informed at the 341. She simply told them to expect a call from the appraisal company. No mention of when or how it would be conducted.

One very foolish man offered his own recently conducted appraisal. I think he was planning to avoid the matter entirely. The trustee accepted his appraisal, asked him to have his attorney send it to her, and then told him they would still conduct ANOTHER appraisal. Sounded like a recipe for disaster to me.

Please share anything you can about this process, Gunner, and anyone else who may experience it. Appraisals are rare for most of the country, but very common in the Florida Middle District.

Best,

-dmc

[FloridaFiler]

Our case was filed in Ft Meyers and I was informed by our Atty that we could expect to have our home & personal property audited by the TT and suggested that we pay a bk certified appraiser to come out, do the audit,send them (the Atty) the report, with a copy to us.

The reason this appealed to us is that no matter how we tried to price our items we kept coming above $9k in personal property, ($7k over standard exemptions). Also we were upside down in our house, didn't really want to move but we needed to know if we needed to give up our homestead exemption for the add'l $8k in exemptions.

Auditor came out, spent 1 1/2+ hours with us, was very nice, professional and sympathetic to our situation. All that being said, she came up with a property valuation of over $14k+. Homestead had to go as we did not have anywhere the amount of $ to buy back some of our family items. By default we became an asset case ... with $4k exposed (outside of the $10K exemptions).

We put it all out there and we were discharged, with no hassel, a couple of weeks ago. We still haven't been informed of amount owed to TT to close our case. I was also told, that in this district there is no negotiating over amount due. I can't comment on that as we haven't gotten there yet.

Hope this helps...

All the best!

FLfiler

[researchmode]

I'm also in mid-Fl.

I'd love some more information about your asset meeting, FLfiler. Did they go through every drawer? Ask where you bought something/how much you paid, etc? What if you have stuff in boxes? (We moved about five months ago.) What kinds of things (if you don't mind me asking) put you over the limit?

Did they ask you want kind of bed you have or just put "(size) bed"? I ask because our bed is the only piece of new furniture we have and we're scared it will get taken.

This is the thing I'm most nervous about, so any additional info from anyone in mid FL would be appreciated!

[FloridaFiler]

Appraiser of your personal property

It seems everything in Mid Florida moves at a snail's pace. I hired an appraiser prior to my 341 meeting and as I said she was professional yet very sensitive to our plight. No, she didn't under value anything but seemed very fair in her pricing. Things are not valued at garage sale prices in Mid FL.

Furniture, including the bed just gets lumped into our "bedroom furniture" no age or condition asked. What put us over was the sterling silver flat ware, and some antique pieces that we have. Also, we are in a large 4 bedroom home with a 2 car garage that's loaded.

We were discharged in early December, asked what we would like to but back early January and have not heard from the TT on how to go about it.

It appears the TT is going to give us up to 14 months, interest free, to pay for the property we want to keep. Which is all of it.

Hope this helps. There is an end to all this, but we still haven't gotten there yet.

All the best!

FL Filer

[blackomega]

I am in the middle district Florida Jacksonville and no appraiser was sent. Remember the middle district Florida has 4 different locations, Jacksonville, Orlando, Tampa, and Ft Myers. From what I read this seems to happen most in middle district Florida in the southern area (Tampa or Ft Myers). This is not to say it doesnt happen at the other locations (Orlando or Jacksonville). I know my lawyer just put Bed, TV, Couch, ETC He didn't specify sizes/types and the trustee was fine with that but YMMV. The lawyer if you have any and if he is any good should know what will work with the trustees in your area. Hope that helps some and good luck!

[researchmode]

Thanks so much for the additional info!

~ResearchMode
A mom on the Gulf Coast of FL in the process of filing CH7 and blogging about it. (link removed)

[gunner01]

It seems everything in Mid Florida moves at a snail's pace. I hired an appraiser prior to my 341 meeting and as I said she was professional yet very sensitive to our plight. No, she didn't under value anything but seemed very fair in her pricing. Things are not valued at garage sale prices in Mid FL.

Furniture, including the bed just gets lumped into our "bedroom furniture" no age or condition asked. What put us over was the sterling silver flat ware, and some antique pieces that we have. Also, we are in a large 4 bedroom home with a 2 car garage that's loaded.

We were discharged in early December, asked what we would like to but back early January and have not heard from the TT on how to go about it.

It appears the TT is going to give us up to 14 months, interest free, to pay for the property we want to keep. Which is all of it.

Hope this helps. There is an end to all this, but we still haven't gotten there yet.

All the best!

FL Filer

Hello FL Filer,

Who did you hire to proform your appraisel? I am in the Middle District of Florida (Ft.Myers/Naples) and on the pacer I have seen where the TT has ordered an appraiser to contact us. This just posted to the pacer on 3/5/10 so, I am sure I will be contacted soon. I have heard that the appraiser looks at your shoes, brand name of clothing, opens drawers, and the list goes on... Is this true? I would like to thank you in advance for sharing!

Gunner01

[gunner01]

In our case, filed in Tampa,

Anyone who was going to be appraised, and that was most of us, was informed at the 341. She simply told them to expect a call from the appraisal company. No mention of when or how it would be conducted.

One very foolish man offered his own recently conducted appraisal. I think he was planning to avoid the matter entirely. The trustee accepted his appraisal, asked him to have his attorney send it to her, and then told him they would still conduct ANOTHER appraisal. Sounded like a recipe for disaster to me.

Please share anything you can about this process, Gunner, and anyone else who may experience it. Appraisals are rare for most of the country, but very common in the Florida Middle District.

Best,

-dmc

Hello dmc,

I haven't been contacted yet by the appriser but, the order has been filed in the pacer. I am sure I will hear something soon. What really gets me is the TT filed a motion for 707(b) which the out come of this matter is still to be determined. The 707(b) meeting is to be held in March; an appraiser being assigned at this point to me is premature. I just thought I would keep you updated.

Best Regards,

gunner01