First, I do apologize for the long-winded nature of this question and I do hope that I describe everything correctly here. If any further info is necessary, I'll gladly provide it.
I have filed a Chapter 7 in the state of Kentucky. I had my creditors meeting on the 6th of this month. My home was inherited from my grandparents. It's 19 lots (which amount to less than an acre, if that) and a single-story 2 bedroom 1 bath house that the PVA value of is $30,000. I am part owner of this house and property with my mother and only $15,000 of the $30,000 was declared as belonging to me. There aren't any liens or mortgages on the house. The house isn't much to talk about as it isn't completely finished and what is finished needs a lot of work. But, it keeps my mother and I out of the weather.
At the meeting with the trustee, he seemed confused about the status of my home. Both I and my attorney tried to explain that this property was part of a development area that was formed in the county where I live a long while back; a development area that didn't pan out. The trustee still seemed confused by the use of the word "lots". He declared my case "initially an asset case". I called my attorney's office that afternoon and was told that I shouldn't worry about my house as it should fall under homestead.
This past Wednesday, I received paperwork that was sent to my 4 creditors stating my case has assets and they have 90 days to file claims. I was sued by one of my creditors so I can't imagine them not wanting to jump on this and file a claim. I'm not sure about the other three. The total amount of my debts is a few dollars over $34,000.
Has anyone had any experience with a case like this in Kentucky? How worried do I have to be about losing my home? Do I have any options to keep this from happening if I am in danger of losing it? Will the homestead exemption in Kentucky save the house for me even though the trustee has already classified the case as being "initially an asset case"? I really feel this is a mistake on the trustee's part for being quick to classify the house as an asset rather than take five minutes to work out the details. My mother filed bankruptcy two years ago and had the exact same house and lots (her half of it) listed on her BR filing and her trustee (a different one than mine) didn't give it a second thought and classified her as "no assets".
I have been looking for information on the Internet all weekend and haven't found anything until stumbling across this forum. I haven't been able to eat, sleep or concentrate on anything since receiving that paperwork. I honestly don't think that mentally and emotionally I can make it to Monday to get a hold of my attorney to find out more about this. If I lose this house I literally will be living out of my mother's car as will she. We have nowhere else to go so I am understandably worried. I am unemployed and have zero income of any kind so there is no way we can come up with $15,000 to buy the house back from the trustee if he chooses to take it. If I had $15,000 available to me I wouldn't be in this situation to begin with!
As my screen name says, I am literally at my wits end here and I need some kind of peace of mind, good or bad, before I go absolutely mad before Monday. I need to have some idea where I stand so I can either decide to give up altogether or regroup and forge ahead.
I have filed a Chapter 7 in the state of Kentucky. I had my creditors meeting on the 6th of this month. My home was inherited from my grandparents. It's 19 lots (which amount to less than an acre, if that) and a single-story 2 bedroom 1 bath house that the PVA value of is $30,000. I am part owner of this house and property with my mother and only $15,000 of the $30,000 was declared as belonging to me. There aren't any liens or mortgages on the house. The house isn't much to talk about as it isn't completely finished and what is finished needs a lot of work. But, it keeps my mother and I out of the weather.
At the meeting with the trustee, he seemed confused about the status of my home. Both I and my attorney tried to explain that this property was part of a development area that was formed in the county where I live a long while back; a development area that didn't pan out. The trustee still seemed confused by the use of the word "lots". He declared my case "initially an asset case". I called my attorney's office that afternoon and was told that I shouldn't worry about my house as it should fall under homestead.
This past Wednesday, I received paperwork that was sent to my 4 creditors stating my case has assets and they have 90 days to file claims. I was sued by one of my creditors so I can't imagine them not wanting to jump on this and file a claim. I'm not sure about the other three. The total amount of my debts is a few dollars over $34,000.
Has anyone had any experience with a case like this in Kentucky? How worried do I have to be about losing my home? Do I have any options to keep this from happening if I am in danger of losing it? Will the homestead exemption in Kentucky save the house for me even though the trustee has already classified the case as being "initially an asset case"? I really feel this is a mistake on the trustee's part for being quick to classify the house as an asset rather than take five minutes to work out the details. My mother filed bankruptcy two years ago and had the exact same house and lots (her half of it) listed on her BR filing and her trustee (a different one than mine) didn't give it a second thought and classified her as "no assets".
I have been looking for information on the Internet all weekend and haven't found anything until stumbling across this forum. I haven't been able to eat, sleep or concentrate on anything since receiving that paperwork. I honestly don't think that mentally and emotionally I can make it to Monday to get a hold of my attorney to find out more about this. If I lose this house I literally will be living out of my mother's car as will she. We have nowhere else to go so I am understandably worried. I am unemployed and have zero income of any kind so there is no way we can come up with $15,000 to buy the house back from the trustee if he chooses to take it. If I had $15,000 available to me I wouldn't be in this situation to begin with!
As my screen name says, I am literally at my wits end here and I need some kind of peace of mind, good or bad, before I go absolutely mad before Monday. I need to have some idea where I stand so I can either decide to give up altogether or regroup and forge ahead.
Comment