We filed chapter 7 and easily meet income. Ok so I was told all was well and clear by my lawyer, we filed (in PA) after a year and a half of not paying credit cards ($160,000) dual self-employed couple with severe downturn in construction, had our 341 on 12-4-09 and then just when the discharge was anticipated, the trustee became a pain in the butt and the notices started to arrive.
I just NOW found this forum, boy do I wish I found it earlier because everything I read on line didn't cover all the possible screw ups that could happen. Here are my stats and if anyone can tell me what they think will ultimately happen or have advice I am all ears. My attorney is "working on our case". We have a court date on 2-25 to answer the trustees objections.
Have two mortgages on current home, $78,000 outstanding on mortgage and the absolute most property could be going for in this economy is 90K TOPS. We are current on mortgage and always have been, 9 years left to pay off.
Have one pick up construction business vehicle, husbands sole work vehicle for his business. Still owe $6K on truck, value perhaps $8K tops. Current and continue to pay GMAC, no reaffirmation papers signed and attorney said not necessary to reaffirm, just pay loan as always, truck will be paid off in a year. Intention to keep and pay on was filed with our petition.
Second vehicle we own, SUV $9K, was listed as exemption but trustee fighting this to my knowledge and supposedly I will have to buy this back. It only has 38K in miles and is 2005 vehicle so I really do want to keep it as I can't afford another vehicle and I have taken care of this one.
We have a motorcycle with a book value of maybe $3K which we do not care about keeping and a small row boat that is like $200 that we could care less about.
To my knowledge this is all that is an issue other than the trustee has hired my personal injury attorney to oversee a case that will likely produce no settlement.
We had NO clue my SUV was going to be an issue. We are scrambling to file tax return to see what we can bring to the table cash wise to try to save the SUV.
My attorney said we should discharge but will have to enter a buy back to retain our assets. Our income is not so good right now with construction in the winter.
Any thoughts? Advice?
Thanks! This process has me so stressed out I can't exhale. I thought we were in the clear and would be starting to get back on our feet soon. : (
I just NOW found this forum, boy do I wish I found it earlier because everything I read on line didn't cover all the possible screw ups that could happen. Here are my stats and if anyone can tell me what they think will ultimately happen or have advice I am all ears. My attorney is "working on our case". We have a court date on 2-25 to answer the trustees objections.
Have two mortgages on current home, $78,000 outstanding on mortgage and the absolute most property could be going for in this economy is 90K TOPS. We are current on mortgage and always have been, 9 years left to pay off.
Have one pick up construction business vehicle, husbands sole work vehicle for his business. Still owe $6K on truck, value perhaps $8K tops. Current and continue to pay GMAC, no reaffirmation papers signed and attorney said not necessary to reaffirm, just pay loan as always, truck will be paid off in a year. Intention to keep and pay on was filed with our petition.
Second vehicle we own, SUV $9K, was listed as exemption but trustee fighting this to my knowledge and supposedly I will have to buy this back. It only has 38K in miles and is 2005 vehicle so I really do want to keep it as I can't afford another vehicle and I have taken care of this one.
We have a motorcycle with a book value of maybe $3K which we do not care about keeping and a small row boat that is like $200 that we could care less about.
To my knowledge this is all that is an issue other than the trustee has hired my personal injury attorney to oversee a case that will likely produce no settlement.
We had NO clue my SUV was going to be an issue. We are scrambling to file tax return to see what we can bring to the table cash wise to try to save the SUV.
My attorney said we should discharge but will have to enter a buy back to retain our assets. Our income is not so good right now with construction in the winter.
Any thoughts? Advice?
Thanks! This process has me so stressed out I can't exhale. I thought we were in the clear and would be starting to get back on our feet soon. : (