Further on unexpected circumstance

[skyline1222]

I understand now that I may be stuck. Let me ask a couple of questions

In New York you must take 2 classes with a financial concern regarding debt. I have taken the first. In order to have my case completed I must take the second class or my case will be dismissed.

1. What if I don't take it...I am told the trustee will dismiss my case. Thats what I want

2. What happens if I don't show up for my hearing. They tell me I will also have my vase thrown out.

Either way I still have the ability to pay off all my debts.

Any comments?

Thank you
skyline1222

[scorpion35]

I understand now that I may be stuck. Let me ask a couple of questions

In New York you must take 2 classes with a financial concern regarding debt. I have taken the first. In order to have my case completed I must take the second class or my case will be dismissed.

1. What if I don't take it...I am told the trustee will dismiss my case. Thats what I want

2. What happens if I don't show up for my hearing. They tell me I will also have my vase thrown out.

Either way I still have the ability to pay off all my debts.

Any comments?

Thank you
skyline1222

even if its dismissed BK will still show up on your credit reports

[SMinGA]

The 2nd is taken prior to discharge. Not taking it means no discharge - but your debts will be paid in full by the new-found assets, so no discharge needed.

The trustee will not dismiss/throw out a case where there are non-exempt assets.

[skyline1222]

unexpected circumstances

I don't care if this shows up on my credit report. I am trying to eliminate all this as quickly as possible. I want to pay the creditors off asap. I want all this behind me. My credit report doesn't mean anything to me. No matter what I do it will show up on my credit report so I have nothing to lose.

I want to be able to pay off my debt without having to wait weeks or months for the trustee to settle this. I have the money and want to pay. Why could this cause me a problem. I would think the creditors and the trustee would want this cleared up asap and not waste the courts time.

There must be something I can do. Not take the course...not show up..something to get thus back under my control


ANY suggestions

Thanks
Skyline1222

[DeadManCrawling]

Here's one problem:

A trustee now knows about nonexempt assets. The trustee is not necessarily concerned about paying CREDITORS. The trustee ALSO gets a percentage. So, the trustee's interests are opposite of yours. They will likely try to force the case to conclusion, simply to ensure that they get paid.

Not being familiar with your story, I cannot offer any advice, just that thought, though I am sure it is not what you wanted to see.

Good luck, in any case.

[skyline1222]

follow up on unexpected circumstances

I spoke to another attorney who states I have 2 choices and I want to see if this sounds right.

He said go to the hearing and let it go as if nothing happened...in other words show up and go from there OR

Don't show up and the case will be dismissed. Then you can go to your creditors and try to negotiate for a lesser amount on each bill. They will send me a 1099 form at the end of the year and all the money I save on negotiations will be considered income. Then you can pay these bills directly yourself for the lower amounts and I would save 10% $2,600 on the trusteed charges

Some of thee companies are already sending me correspondence offering me a lot of money off what I already owe. The money I save on negotiations adds up to a lot more than the additional taxes I would pay. The taxes would not be that much and I would save $2600 that I would be paying the trustee.

Does this info from another attorney sound right? It makes sense to me but not looking for legal advice I am just trying to see if this makes sense. I am sure all my creditors..especially the larger ones...are going to file so the likelihood of getting some of these dismissed because of lack of response is highly unlikely.

I am looking for opinions on this


Thanks
skyline1222

[SMinGA]

Quick Question: Have you actually filed? Your original post about the inheritance said you signed the petition a few weeks ago, did not give specifics.

I'm just wondering because you mention you're now getting settlement offers, but if the case had actually been filed then you would not be.

Call your attorney ASAP, and if it has not been filed instruct them NOT to file it.

[skyline1222]

It was filed my hearing date is 5/14/10 he offer must have crossed in the mail. I have still had creditors calling regarding my situation so I guess filing does not stop creditors from contacting you.

[SMinGA]

Thought I'd ask - as I was not sure.

They should not still be calling, assuming your creditor matrix listed everyone. There can be a few days or so of crossover before the information reaches all the creditors though.

It was filed my hearing date is 5/14/10 he offer must have crossed in the mail. I have still had creditors calling regarding my situation so I guess filing does not stop creditors from contacting you.

[newbie2]

I spoke to another attorney who states I have 2 choices and I want to see if this sounds right.

He said go to the hearing and let it go as if nothing happened...in other words show up and go from there OR


skyline1222

If by "let it go" the attorney means for you (and him) to not bring up your inheritance to the trustee he is dead wrong.

Hopefully that isn't what he meant.

[skyline1222]

My attorney called and the decision is to not show up at the creditors meeting.
He says based on past experience with the trustee he is sure the trustee will dismiss the bankruptcy and then I can call my creditors and make arrangements to pay them directly as though the case were never filed. I know that the BK will stay on my credit report and thats okay. The bottom line is my creditors will be paid and I won't have to wait months for the trustee to handle all this and also pay his 10% fee...3,000.

Has anyone ever done this? I can't be the first


Thanks
skyline1222