I've got a week to go to the discharge, and I get a letter from the panel trustee. I have not been able to contact my attorney about how to proceed. Of course, I would like to get an idea of how I should proceed with proceeding with my attorney ...
Then there is Exhibit A, which is:
Then there is a listing of the non-exempt assets. In column 6, "Asset Fully Administered (FA)/Gross Value of Remaining Assets", the is the total amount of $X, which is composed of $A in general stuff and $B in excess equity in the house (exactly the difference in the sales price I had recently paid and the homestead exemption.)
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OK, so what does this mean? Sounds like a pretty stern "you pay this or else" letter. Or is this just the standard opening salvo in negotiations? I can come up with the cash by taking a premature distribution from my retirement account, but of course, I would rather not, or at least with a lower amount.
The trustee also seemed to demand the full equity amount in the home. Shouldn't he have at least come up with some smaller figure that would more closely align with the net amount that could be garnered by selling quickly via a realtor?
Also, there did not seem to be any mention of the ongoing lawsuit I have against the federal government. Perhaps what the trustee is looking for is for me to sign over that in its entirety in lieu of the amount stated in this letter?
How should I approach this when I get in touch with my attorney?
As a result of your filing bankruptcy, you must meet the following requirements before your bankruptcy case will be closed. The "Discharge of Debtors" you will or have received in the mail DOES NOT complete your case. You must consult with YOUR ATTORNEY, not MY OFFICE, if you are unsure of how to proceed or need further legal advice. If your attorney fails or refuses to assist you, he or she may be ordered to appear before the Bankruptcy Judge.
Requirements for the completion of your bankruptcy case are as follows:
1. TO KEEP YOUR PROPERTY:
If you wish to keep your property highlighted on Exhibit "A" (copy attached), you must purchase it from the bankruptcy estate (through me, your Trustee) by order of the court. As your trustee, I will submit the necessary Motion for Sale of Property of the Estate. Review thie exhibit CAREFULLY, with your attorney if necessary. DO NOT phone my office in need of an explanation of either the sale price or property. If you have ANY questions, call your attorney.
You MUST sign the "Acceptance of Offer Subject to Court Approval of a Sale" and return it to my office with Exhibit "A" attached. I will issue a Bill of Sale immediately after the Judge signs the order approving the sale, but ONLY IF you have paid the sale price by check or money order IN FULL! You may not sell, donate, transfer, encumber or otherwise dispose of any property until you have paid in full, a Court Order has issued authorizing the sale, and the trustee has issued a Bill of Sale to you.
TOTAL SALES PRICE REQUIRED: $X + Amount in Section 2
Make a check or money order payable to *** PANEL TRUSTEE ***
NOTE: Partial payments will not be accepted. DO NOT phone this office or have your attorney contact this office trying to make other arrangements. Payment will only be accepted in full!!
If full payment has not been received by the trustee within 30 days of hte date of thisletter, you will be required to surrender all property listed on Exhibit "A" that is highlighted and has a value assigned to it in Column 3.
2. OTHER MONEY YOU OWE IN ADDITION TO THE SALE PRICE REQUIRED IN SECTION 1
TOTAL $Y
3. IF YOU DO NOT WANT TO KEEP THE PROPERTY
If you DO NOT wish to keep the property listed in Exhibit "A", you MUST surrender all of the property immediately. You may not pick and choose items. You must purchase all of the property or surrender all of the property. If you decide you do not want the property, contact MY OFFICE in writing (not your attorney's office) to make arrangements. Please provide the following information:
A. Your Name and Case Number
B. A List of Property to be Surrendered
C. Pictures of the Property to be Surrendered
Requirements for the completion of your bankruptcy case are as follows:
1. TO KEEP YOUR PROPERTY:
If you wish to keep your property highlighted on Exhibit "A" (copy attached), you must purchase it from the bankruptcy estate (through me, your Trustee) by order of the court. As your trustee, I will submit the necessary Motion for Sale of Property of the Estate. Review thie exhibit CAREFULLY, with your attorney if necessary. DO NOT phone my office in need of an explanation of either the sale price or property. If you have ANY questions, call your attorney.
You MUST sign the "Acceptance of Offer Subject to Court Approval of a Sale" and return it to my office with Exhibit "A" attached. I will issue a Bill of Sale immediately after the Judge signs the order approving the sale, but ONLY IF you have paid the sale price by check or money order IN FULL! You may not sell, donate, transfer, encumber or otherwise dispose of any property until you have paid in full, a Court Order has issued authorizing the sale, and the trustee has issued a Bill of Sale to you.
TOTAL SALES PRICE REQUIRED: $X + Amount in Section 2
Make a check or money order payable to *** PANEL TRUSTEE ***
NOTE: Partial payments will not be accepted. DO NOT phone this office or have your attorney contact this office trying to make other arrangements. Payment will only be accepted in full!!
If full payment has not been received by the trustee within 30 days of hte date of thisletter, you will be required to surrender all property listed on Exhibit "A" that is highlighted and has a value assigned to it in Column 3.
2. OTHER MONEY YOU OWE IN ADDITION TO THE SALE PRICE REQUIRED IN SECTION 1
TOTAL $Y
3. IF YOU DO NOT WANT TO KEEP THE PROPERTY
If you DO NOT wish to keep the property listed in Exhibit "A", you MUST surrender all of the property immediately. You may not pick and choose items. You must purchase all of the property or surrender all of the property. If you decide you do not want the property, contact MY OFFICE in writing (not your attorney's office) to make arrangements. Please provide the following information:
A. Your Name and Case Number
B. A List of Property to be Surrendered
C. Pictures of the Property to be Surrendered
Form 1
Individual Estate Property Record and Report
Asset Cases
Individual Estate Property Record and Report
Asset Cases
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OK, so what does this mean? Sounds like a pretty stern "you pay this or else" letter. Or is this just the standard opening salvo in negotiations? I can come up with the cash by taking a premature distribution from my retirement account, but of course, I would rather not, or at least with a lower amount.
The trustee also seemed to demand the full equity amount in the home. Shouldn't he have at least come up with some smaller figure that would more closely align with the net amount that could be garnered by selling quickly via a realtor?
Also, there did not seem to be any mention of the ongoing lawsuit I have against the federal government. Perhaps what the trustee is looking for is for me to sign over that in its entirety in lieu of the amount stated in this letter?
How should I approach this when I get in touch with my attorney?
Bankruptcy Wizard
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