already filed, forgot 2 assets

[Moneypenny]

I think I listed them in my lawyers questionaire but now I dont see them on the petition that is filed already.

one refrigerator maybe salable at $1000 or more, and one dishwasher maybe salable at $800.

I am in eastern district CA and way, way under my state's exemptions already, even if these assets were listed.

Do I need to file an amended petition? Or is this so inconsequential that its not worth it? Does an amendment bring more scrutiny to your case?

These two assets would show up on my bank statements and/or credit cards (cant remember method of payment) dating from about 9 months ago for the fridge and a year or more ago for the dishwasher.


thanks,

MMP

[MarieT]

Is it a SubZero or high end refrigerator? I think it would be really tough to get those prices for used appliances if you are using garage sale pricing as we have been told to do. We have a built in SubZero and a built-in commercial stove. I think they each cost about $5,000 when the house was built ten years ago but my feeling is that they are part of the house...not separate appliances.

[Moneypenny]

i think i paid maybe $1500 for the refrigerator and maybe $1000 for the dishwasher.

I did not list them at all, not even at garage sale prices, whatever those would be.

[momofthree]

You would be hard-pressed to get those prices for used appliances. I'd say they would easily fall under the household goods exemption amounts of up to $525 per item. Your attorney probably has an overall total for all household goods in your home, which would already include the appliances in question. CA pretty much has unlimited household goods as long as none of the items are worth more than $525 individually. You can always call your attorney and ask him to amend the schedule to value the total household goods higher, but not by $1800. $1000 ought to cover it. He may not even see the need to amend it though. If you've overvalued the rest of your stuff (most of us do!), then the total already listed probably already accurately covers the value of the unlisted appliances....

[Moneypenny]

that might be what happened, the lawyer just lumped.
i think i will let it slide...

i wonder in the worst case scenario what might happen.

[frogger]

Used appliances are cheap. At best, they're probably worth 500.00 for the both of them. Don't worry about it.

[coak1875]

0% payback to unsecured

Hello Momofthree

Maybe a stupid question but will ask anyway.
Your signature says herebelow

0% payback to unsecured creditors
5 payments down, 55 to go....


Does this mean you dont have to pay anything back, but then if thats the case 5 payments down what does that mean?
momofthree is offline Report Post Reply With Quote

[momofthree]

Hello Momofthree

Maybe a stupid question but will ask anyway.
Your signature says herebelow

0% payback to unsecured creditors
5 payments down, 55 to go....


Does this mean you dont have to pay anything back, but then if thats the case 5 payments down what does that mean?
momofthree is offline Report Post Reply With Quote

We qualified for Ch.7, but filed Ch.13 in order to strip our 2nd mortgage lien. Since we had no DMI, we were able to simply pay our car payment + trustee fees + attorney fees into our payment plan. Therefore, we are paying 0% back to our unsecured creditors, but we are still required to make our monthly payment for 5 years (as do all ch.13 cases).

[coak1875]

Momofthree

I am in the exact same postion as you, I qualify for Chapter 7 but want to strip my second mortgage as well - so in your experience the best way is file Chapter 7 and then strip 2nd- Did you have any arrears on your second? Are you now only paying the first? Also you are saying that you still have to go through the 5 year process does that mean that say with your next tax return you show additional DMI, you would then be making payments of any DMI that becomes available?

[momofthree]

I am in the exact same postion as you, I qualify for Chapter 7 but want to strip my second mortgage as well - so in your experience the best way is file Chapter 7 and then strip 2nd- Did you have any arrears on your second? Are you now only paying the first? Also you are saying that you still have to go through the 5 year process does that mean that say with your next tax return you show additional DMI, you would then be making payments of any DMI that becomes available?

First of all, you cannot strip a 2nd mortgage when filing a ch.7. You can only strip a 2nd mortgage when filing a ch.13. Many filers decide to file ch.7 and then later settle with the 2nd mortgage. If you're underwater quite a bit, then that is probably the best move.

We were only underwater by about $15k at the time of filing not counting the 2nd. Since property values are increasing in our neighborhood AND we only have 12 years left on our mortgage, we knew that it wouldn't take long for the 2nd mortgage to be wholly secured once again, and then they could foreclose. Just 6 months into our plan and we already have equity again. So clearly, that was the right move for us...

We were about 6 months behind on our 2nd when we filed. We were current on our 1st, which we pay outside the plan.

In our particular situation, if we saw an increase in income, we could simply modify our plan to keep the money because we only claimed about 1/3 of the IRS standards on our schedule J. IRS standards for food/clothing for family of 5 is around $1400/mo. We claimed $485/mo. However, if you're using up to the IRS standards already and experience an increase in income, then yes, your bk plan payment would increase.

[ja181]

First of all, you cannot strip a 2nd mortgage when filing a ch.7. You can only strip a 2nd mortgage when filing a ch.13.

A friend of mine was able to do this, actually, in Maryland. Attorney charged about $6k but they successfully stripped the 2nd off of his house (far underwater) in a chapter 7...

I don't know all the details, but I can get them if anyone's interested.

[momofthree]

A friend of mine was able to do this, actually, in Maryland. Attorney charged about $6k but they successfully stripped the 2nd off of his house (far underwater) in a chapter 7...

I don't know all the details, but I can get them if anyone's interested.

That sounds like the attorney negotiated a settlement. That is not the same thing as a lien strip and it is not guaranteed.

[ja181]

That sounds like the attorney negotiated a settlement. That is not the same thing as a lien strip and it is not guaranteed.

Nope, wasn't a settlement, the 2nd position lien was stripped and discharged in his bankruptcy.

They used a motion to value, argued that the property is worth so much less than the sum of both mortgages, would never be able to pay off the 2nd, and it was stripped

[coak1875]

Chapter 7 & Legal Helpers

Hello Guys, I need some advice - I retained legal Helpers today. The Attorney I met with based on the following here below stated that its best if I give up the property but delay the filing for a few months. He also advised me to stop paying the mortgage its not worth it he says. He also said that best interest is to file Chapter 7

1st mortgage 305K
2nd Mort 60K
other debts 45k
value according to appraisers off 122k

He says best to wait awhile and in the meantime stop paying my mortgage - i am current with first have not paid 2nd in over 2 years.

What do you think guys? I really did not want to give up the property but its not about the property anymore. How long should I wait? to file Do you think it would be worth it to stop paying, except i just got a modification on the 1st in march 2010. I feel so really bad about not paying it or anyone for that matter, but the numbers just not there. Creditors are getting really agressive. Another question Legal Helpers informed also that just advised the creditors that i have retained them and that should stop the calls. Do anyone have experience with Legal Helpers?

[momofthree]

DUMP THAT HOUSE! That's the only advice I can offer right now, lol.