After yet another sleepless night, I have a big question. We qualify for 7. I swear it seems like I heard this somewhere. I know that you can "buy back" non-exempt property. Is it common or up to the individual trustee for someone to buy back non-exempt property over a period of time...like a payment plan over several months? My attorney gave me an estimate to buy back the car with a 20% discount. What the heck does that mean. I mean. That's good for me. I just hate knowing that the only thing between me and my paid off car with 40K miles is like $5,000.00 worth to be seized.
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It sounds like your attorney and the trustee have worked out a figure of paying for your car for $5000 less 20%. And yes, in most districts the trustee will accept payments for a short term. Ask your attorney to get the specifics for you.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
Hi missdooly,
Lots of posts about folks buying stuff back from the trustee. Makes sense if you think about it, this is the easiest way for the trustee to sell the property for a guaranteed price with no selling costs. Trustee wants to sell a car, they have to hire someone to drive/tow it to an auction site, then there is no guarantee it will sell for a decent price, and they have to pay the auctioneer his cut. All this is at least 20%, so the trustee selling direct to you for a 20% discount is a good deal for them. If it is a good deal for you, take it.
Tom in ColoCh7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010Comment
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