My husband and I filed CH 13 in Dec. He then became unemployed, and we ended up dismissing the case right before confirmation. About a month after that; we filed ch7 as we were now under median. Our attny didn't think there were any issues.
As we are reviewing our petition to sign, my husband asks the attny about property inheritance. Stepmom has passed; will not filed. He is expecting 9 acres of a 45 acre lot. The house on the property goes to his stepbrother. We did not have it on our ch13 case as the attny we consulted with told us it was a nonissue. This time the attny says it is an asset and we have to add it. We became an asset 7 case, but, they listed the exemptions so that things like some of our clothes, household items and about $500 on a car were unexempted. TO figure out the value of the property, the lawyer told is to take the estimated value - subtract the loan/lien. The net equity, divided by our interest (20%) would be the value. SO that's what was done.
Fast forward to the 341 (and I had another thread about some of this), the trustee hones in on the property (the attny said to him as we sat down, these are the folks with the property), and the classic car. We were told that we have to have the stepbrother now probate the will. And it looks like we have to go get the property appraised! I'm not sure why this has to be done. No one is asking for the amount o n the lien though. Any ideas?
If we have to lose the car; so be it. We were planning to build a house on this property in 10 years after our credit was back together. What options do we have? IF we agree to enter a payment plan, shouldn't we just be back in a 13? Since the case was dismissed, can we go back?
My husband was previously an automechanic, but will no longer be doing that work. We have TONS of his tools listed as tools of trade, but we don't care if they take them, he's not going back to that line. Can we offer them up? Our paralegal alluded no since they were tools of trade, but he's never going back to that.
Lots of questions - thanks for letting me vent. Hope someone has some insight for us.
As we are reviewing our petition to sign, my husband asks the attny about property inheritance. Stepmom has passed; will not filed. He is expecting 9 acres of a 45 acre lot. The house on the property goes to his stepbrother. We did not have it on our ch13 case as the attny we consulted with told us it was a nonissue. This time the attny says it is an asset and we have to add it. We became an asset 7 case, but, they listed the exemptions so that things like some of our clothes, household items and about $500 on a car were unexempted. TO figure out the value of the property, the lawyer told is to take the estimated value - subtract the loan/lien. The net equity, divided by our interest (20%) would be the value. SO that's what was done.
Fast forward to the 341 (and I had another thread about some of this), the trustee hones in on the property (the attny said to him as we sat down, these are the folks with the property), and the classic car. We were told that we have to have the stepbrother now probate the will. And it looks like we have to go get the property appraised! I'm not sure why this has to be done. No one is asking for the amount o n the lien though. Any ideas?
If we have to lose the car; so be it. We were planning to build a house on this property in 10 years after our credit was back together. What options do we have? IF we agree to enter a payment plan, shouldn't we just be back in a 13? Since the case was dismissed, can we go back?
My husband was previously an automechanic, but will no longer be doing that work. We have TONS of his tools listed as tools of trade, but we don't care if they take them, he's not going back to that line. Can we offer them up? Our paralegal alluded no since they were tools of trade, but he's never going back to that.
Lots of questions - thanks for letting me vent. Hope someone has some insight for us.