Trustee Questioned Valuation

[ApresMoi]

I had my 341 recently. The Trustee went through the list, and had one question about how I had arrived at value for an item. I answered that and (eventually) he let it go. I think he was satisfied with my answer, but I am not sure. He was a little hard to read. At the end he said "I have no further questions." He did not make eye contact with me, and that was that.

Some people he clearly wanted more info from (bank statements, etc.) and when he asked for that, he also set a future date for them to return.

Since he did not set any return date for me, does this mean that I am done? Or will he ask for more info (about that particular item) in the coming weeks?

I don't want to give any more detail than this, to protect what little privacy I have left. I was just a little uncomfortable with the questioning. But I guess a 341 isn't about my 'comfort' level.

No creditors were there to object, so that was a relief.

[newbie2]

I had my 341 recently. The Trustee went through the list, and had one question about how I had arrived at value for an item. I answered that and (eventually) he let it go. I think he was satisfied with my answer, but I am not sure. He was a little hard to read. At the end he said "I have no further questions." He did not make eye contact with me, and that was that.

Some people he clearly wanted more info from (bank statements, etc.) and when he asked for that, he also set a future date for them to return.

Since he did not set any return date for me, does this mean that I am done? Or will he ask for more info (about that particular item) in the coming weeks?

I don't want to give any more detail than this, to protect what little privacy I have left. I was just a little uncomfortable with the questioning. But I guess a 341 isn't about my 'comfort' level.

No creditors were there to object, so that was a relief.

Hard to tell. He could want more information about the item, or ask for a formal appraisal. Or he could be perfectly satisfied with your answer.

If he does want a formal appraisal or more documentation your attorney will be notified.

Good luck!

[AngelinaCatHub]

I believe you are done.

We listed a 68 Chev that was questioned. Here is how it went: "how much do you think that car is worth?" me: I have no idea sir. "well, it could be a classic worth thousands" me: well sir, it is not it is a junker I wished to play with years ago, it is a blue car now green with mold, on blocks, does not run, and has no brakes when it was towed home." He later abandoned it. Once my health returned, I worked on it (very slowly) put new brakes on it and cleaned it up, rebuilt the carb, and sold it for 4K. It was not an attempt to keep the junker as it was the truth at the time. But a bit of elbo grease and parts got me a profit. The Trustee got plenty from us so I am sure it didn't mean much to him as he would not be bothered with it the way it was. 'Hub

[backtoschool]

If the trustee is asking about a specific item, he is probably trying to determine if he can make you an asset case on the basis of that item.

That will not make you have to have another 341 though.

It might make you an asset case however if the trustee believes that selling that item will bring in enough to make it worth his while and believes that you are over the exemption limit on that item.

You will not find out if you are being turned into an asset case until awhile after your 341. I found out several days before my 60 days were done.

[ApresMoi]

All the goods I listed are exempt. Yes, he was trying to find out if I valued the item fairly. I did, to the best of my ability. I don't know what it would take to convert me to an asset case, but I seriously doubt whether that is do-able given my property and my circumstances. That said, I am ready to face anything that happens from here on out. It can't get much worse.

If the trustee is asking about a specific item, he is probably trying to determine if he can make you an asset case on the basis of that item.

That will not make you have to have another 341 though.

It might make you an asset case however if the trustee believes that selling that item will bring in enough to make it worth his while and believes that you are over the exemption limit on that item.

You will not find out if you are being turned into an asset case until awhile after your 341. I found out several days before my 60 days were done.

[ApresMoi]

When the law firm first drafted my petition,they left off a LOT of stuff that I owned, so I made them re-do it. I wanted to ensure everything was listed, before I signed off on the paperwork. I was generous with the valuations. I wanted to err on the side of caution, so that if I were questioned, I would be able to defend them. So by the time everything was added up, that brought me close to maxing out the allowable exemptions. I live in CA, where we have generous exemptions btw.

So I'm thinking the Trustee may be motivated to find an item that would tip me over the limit such that he could lay claim to it. The item that he questioned (again, without giving out too much detail...) I valued at around a grand. Let's say he's wondering if it's really worth two grand. From what I have read on this forum, when he's deciding what he is going to go after, he has to take into consideration what it would cost him to have to sell the item.

I give it a 40/60 chance that he will ask for more info. The surprising part was that among the sea of people he ran through that meeting room that day, I didn't see any obvious signs that he was going to be able to make any money by taking property. It just wasn't happening. I know they get paid a day rate for doing their job, but they also get a commission IF they take property (or some such thing...I read up on that at one time).

There's not much I can do from here, other than wait. I hope Hub is right, and that I am done.

If the trustee is asking about a specific item, he is probably trying to determine if he can make you an asset case on the basis of that item.

That will not make you have to have another 341 though.

It might make you an asset case however if the trustee believes that selling that item will bring in enough to make it worth his while and believes that you are over the exemption limit on that item.

You will not find out if you are being turned into an asset case until awhile after your 341. I found out several days before my 60 days were done.

[backtoschool]

When the law firm first drafted my petition,they left off a LOT of stuff that I owned, so I made them re-do it. I wanted to ensure everything was listed, before I signed off on the paperwork. I was generous with the valuations. I wanted to err on the side of caution, so that if I were questioned, I would be able to defend them. So by the time everything was added up, that brought me close to maxing out the allowable exemptions. I live in CA, where we have generous exemptions btw.

So I'm thinking the Trustee may be motivated to find an item that would tip me over the limit such that he could lay claim to it. The item that he questioned (again, without giving out too much detail...) I valued at around a grand. Let's say he's wondering if it's really worth two grand. From what I have read on this forum, when he's deciding what he is going to go after, he has to take into consideration what it would cost him to have to sell the item.

I give it a 40/60 chance that he will ask for more info. The surprising part was that among the sea of people he ran through that meeting room that day, I didn't see any obvious signs that he was going to be able to make any money by taking property. It just wasn't happening. I know they get paid a day rate for doing their job, but they also get a commission IF they take property (or some such thing...I read up on that at one time).

There's not much I can do from here, other than wait. I hope Hub is right, and that I am done.

I would not worry too much, even if you are made an asset case it will not affect your discharge date.

I was made an asset case for two $500 checks I wrote to my mother to help her with her expenses. My case just closed last week and I was discharged in the first week of November. I think my case was not the norm though. The trustee really wanted me to have to pay something, and I think he made me an asset case for a lot less money than a trustee would usually turn a case into an asset case for.

The trustee ended up with most of the money. He hired himself as a lawyer to administer the assets and he got almost all of the money.

Trustees are charged with coming up with a certain amount of asset cases. Otherwise, they do not make any money.

Even if they make the item in question an asset of the estate, they will sell it back to you. You will just have to negotiate to get a better price.

[ApresMoi]

You were correct to suggest that I not worry. Signed on to PACER and new info in the Docket says Trustee is reporting that I am a 'no distribution' case and that he has fully administered the case. He is asking to be relieved! He's 'abandoning' all of 10 bucks in assets and lists gobs more debt than I actually have as up for discharge. That's because the law firm listed my debt several times over on the Schedules (I posted about that here and was told it did not matter). Clearly he's not interested in having me get an appraisal for that one item he questioned me about during the 341 (and which I posted about here). If he is asking to be RELIEVED OF HIS DUTIES AS TRUSTEE, does this mean I have nothing more to worry about? Other than the REMOTE chance a creditor would object within the 60 days? Thanks all. Debt or not debt, i am still screwed. Can't find work. Zillions besides me are looking here in SoCal. I have NEVER seen anything like this (job market), or lack thereof.

I would not worry too much, even if you are made an asset case it will not affect your discharge date.

I was made an asset case for two $500 checks I wrote to my mother to help her with her expenses. My case just closed last week and I was discharged in the first week of November. I think my case was not the norm though. The trustee really wanted me to have to pay something, and I think he made me an asset case for a lot less money than a trustee would usually turn a case into an asset case for.

The trustee ended up with most of the money. He hired himself as a lawyer to administer the assets and he got almost all of the money.

Trustees are charged with coming up with a certain amount of asset cases. Otherwise, they do not make any money.

Even if they make the item in question an asset of the estate, they will sell it back to you. You will just have to negotiate to get a better price.

[GettingGoing]

You were correct to suggest that I not worry. Signed on to PACER and new info in the Docket says Trustee is reporting that I am a 'no distribution' case and that he has fully administered the case. He is asking to be relieved! He's 'abandoning' all of 10 bucks in assets and lists gobs more debt than I actually have as up for discharge. That's because the law firm listed my debt several times over on the Schedules (I posted about that here and was told it did not matter). Clearly he's not interested in having me get an appraisal for that one item he questioned me about during the 341 (and which I posted about here). If he is asking to be RELIEVED OF HIS DUTIES AS TRUSTEE, does this mean I have nothing more to worry about? Other than the REMOTE chance a creditor would object within the 60 days? Thanks all. Debt or not debt, i am still screwed. Can't find work. Zillions besides me are looking here in SoCal. I have NEVER seen anything like this (job market), or lack thereof.

Yes now you have to wait 60 days for creditors to object. The UST may also decide to look into your case if they see anything that raises their attention.

[ApresMoi]

Yes now you have to wait 60 days for creditors to object. The UST may also decide to look into your case if they see anything that raises their attention.

Do you know if that is standard language that he used..."I ask to be relieved of my duties as Trustee"? I was hoping that meant he was 'done'. From what you say, doesn't sound like he is.

[backtoschool]

You were correct to suggest that I not worry. Signed on to PACER and new info in the Docket says Trustee is reporting that I am a 'no distribution' case and that he has fully administered the case. He is asking to be relieved! He's 'abandoning' all of 10 bucks in assets and lists gobs more debt than I actually have as up for discharge. That's because the law firm listed my debt several times over on the Schedules (I posted about that here and was told it did not matter). Clearly he's not interested in having me get an appraisal for that one item he questioned me about during the 341 (and which I posted about here). If he is asking to be RELIEVED OF HIS DUTIES AS TRUSTEE, does this mean I have nothing more to worry about? Other than the REMOTE chance a creditor would object within the 60 days? Thanks all. Debt or not debt, i am still screwed. Can't find work. Zillions besides me are looking here in SoCal. I have NEVER seen anything like this (job market), or lack thereof.

You are a no asset case and the trustee is not going after any of your assets. You have nothing to worry about. Now it is just a waiting game. The trustee's log into a computer system and use templates for all of the docket documents. That wording is just boilerplate language stating that you are a no-distribution, no asset case.

[ApresMoi]

BacktoSchool: Thanks! I thought that might be the case (boilerplate). That said, the 60 days should pass quickly. Hopefully, absolutely nothing will happen.