I have a question "What exactly makes an asset case?" Is that anything left over after your exemptions? We have on car that will fall under our 10,000 allowance for a vehicle and the only other thing we own is an enclosed trailor that is a 1998 and was 2200 on the original title so I am guessing it is prolly around 700-1000 of value. Everything else falls under the limits allowed for each category. Would that make us a no asset case? I really don't under stand when people say they are an asset case. Thanks!!
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You are correct - an asset case is when you have assets above the exemption allowances. Based on the information above, it is probably the trailer and/or a possible tax refund.
The trustee will probably do one of three things in regards to the trailer:
1) Nothing
2) Give you the option to buy it back
3) Request tranfer of title if you are not interested in option 2 -
I had the same question too so thank you for explaining. I am wondering though, If you have assets that are not protected, I have a treadmill that I use every day and would really like to keep, how does that option to buy back work? I thought that whatever discretionary money you have leftover goes to pay the trustee to pay the creditors? How would there be any money to buy anything back?Comment
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You are over-thinkingOriginally posted by MarieT View Post
There is actually a distinction between discretionary income and "disposable" income. Just because you do not have disposable income for purposes of BK, doesn't mean you don't have discretionary money (e.g. from spending less on groceries, or not buying that bottle of wine every 2 days, etc).
Also, the trustee is not going to be interested in the treadmill.Comment
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Just because you're going to be "over" on an exemption does not automatically make you an asset case. The trustee is going to look at your case before the 341 and review the numbers. If you're reasonably close to the numbers, it's not going to be a problem. The trustee is going to abandon any interest in the asset.
If you're way over the numbers or have assets that you can't exempt, then your attorney and the trustee will talk and probably be able to work something out that works for you.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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Think money wise. Even though some of the paperwork mentions it the only things possession wise they are going to come after are collectible guns, art, etc. you know things that might be worth something.
They aren't worried about a treadmill, a flat panel TV, or anything like that for the most part. Too much time for them to invest for so little money.
Think cash, tax refunds, savings bonds, anything that is easily accessible to the TT that takes him little time to get and maximum value from.New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!Comment
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We just started getting saving bonds for our children but they are in mine and my husbands name we just sent in the paperwork for the bonds to be changed with our oldests name. But all together I would say we prolly have approx. $800 in bonds. So even if that small amount we could still fall into a no asset case?Comment
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