Yeah-discharged!!! Questions about proceeds from our asset?

[girlgator95]

Hi All,
As of December 6, PACER shows us as discharged (yeah!!). However, I still have a couple of questions. The UST did take our camper (of which $5800 was exempt/protected). The camper was auctioned off on Dec. 3 for $6,000. According to PACER documents, the auctioneer is requesting nearly $2,000 of this money (for his expenses). I know the UST gets a share as well. How does this work since $5,800 was supposed to be exempt/protected? Will the creditors get anything in this case?

Would appreciate any insight on this. Thank you!!

[Nicollette]

Congratulations on your discharge, and "fresh start!" Happy New Year

[keepsmiling]

I am REALLY curious to hear as well. I hope you somehow get that exemption money, but something tells me you won't get it all.
It's just not right that they don't set some kind of minimum bid to cover exemptions.

[oregonpilot]

Kind of what I was thinking too.....

hey KS....up kinda late??? OR...wow, are you an early riser. LOL
See I'm still smilin too. Have a good one!!

[keepsmiling]

Hey OP,
I am a night owl, it's still early here for me

Those FL tt's are hard core.

[oregonpilot]

Me too....i have been known to be IM'ing with my son half the night and then watching the sun come up.

[girlgator95]

Hi keepsmiling - Just wondering why you think we won't end up seeing any of the proceeds? Why would the attorney protect/exempt funds if that's the case? Just want to understand how the process works. If you could give me more details, I would appreciate it. Thank you!

[keepsmiling]

Here's the thing, and this is what I still don't quite get. Perhaps some of the real pros will weigh in on this. I do believe it deserves more discussion, and I don't know if the practice varies or should vary from state to state on just exactly what "happens" with exemptions.

We occasionally have some discussion about a related topic when it comes to people getting their cash exemptions on their homes. However, so many folks filing bk have homes that are underwater, that it's not usually an issue. One fellow here desperately WANTED the tt to take his home and pay him his 20K exemption so that he'd get some cash; it didn't wind up happening that way, as the property wound up being abandoned. It was pointed out that IF the property was taken and sold, to that the exemption may not wind up being fully paid as certain expenses would have to be deducted from it first; ie, realtors fee, tt's cut, etc.

Which brings me to my point. Why isn't the exemption the exemption, PERIOD???? Strikes me there could be some legal wrangling over this. It's just wrong. Either you get X amt or you don't. Know what I mean? This comes into play in your scenario. If the auctioneer gets their cut, there is no way you can get your full exemption. And what was the ultimate point? Purely for "punishment"? These FL tt's have gotten out of hand. They had no business settling for a number so close to your exemption amount. For 200 bucks and the cost of the time, the amounts that others receive, etc.... it's ridiculous.

I don't see how any of your original creditors could wind up with anything from this sale. So once again I ask, what was the point? and is there a chance the auctioneer and tt are in cahoots? There have been posts about some shifty tactics by tt's occasionally.

I hope this makes sense, and I'd love to hear what others have to say on this topic.

[AngelinaCatHub]

How did I/we miss your dance of Victory

It slipped by us I guess, but here is our Traditional Victory dance for you:

http://www.youtube.com/watch?v=f9aA_fba_To

[tobee43]

Here's the thing, and this is what I still don't quite get. Perhaps some of the real pros will weigh in on this. I do believe it deserves more discussion, and I don't know if the practice varies or should vary from state to state on just exactly what "happens" with exemptions.

We occasionally have some discussion about a related topic when it comes to people getting their cash exemptions on their homes. However, so many folks filing bk have homes that are underwater, that it's not usually an issue. One fellow here desperately WANTED the tt to take his home and pay him his 20K exemption so that he'd get some cash; it didn't wind up happening that way, as the property wound up being abandoned. It was pointed out that IF the property was taken and sold, to that the exemption may not wind up being fully paid as certain expenses would have to be deducted from it first; ie, realtors fee, tt's cut, etc.

Which brings me to my point. Why isn't the exemption the exemption, PERIOD???? Strikes me there could be some legal wrangling over this. It's just wrong. Either you get X amt or you don't. Know what I mean? This comes into play in your scenario. If the auctioneer gets their cut, there is no way you can get your full exemption. And what was the ultimate point? Purely for "punishment"? These FL tt's have gotten out of hand. They had no business settling for a number so close to your exemption amount. For 200 bucks and the cost of the time, the amounts that others receive, etc.... it's ridiculous.

I don't see how any of your original creditors could wind up with anything from this sale. So once again I ask, what was the point? and is there a chance the auctioneer and tt are in cahoots? There have been posts about some shifty tactics by tt's occasionally.

I hope this makes sense, and I'd love to hear what others have to say on this topic.

good questions in reference to proceed distribution after the assets are sold at auction within an asset 7.

i'm hard pressed to believe you're exemption would not be honored, however, i would have hoped the atty handling this situation would have been on top of it.

the math just doesn't figure...how can the trustee take more when part of the asset was exempt? that fee from the auctioneer alone would trump the exemption. makes aboslutely no sense, other than the trustee who hired this person needs to work it out with them. after all it was the court who hired these cut thoats that are now requesting 1/3 of the proceeds of the value of the camper.

i would immediately get on the phone with the atty and ask them what is the deal??? how is this going to work?

next question to the OP...is a few thousand dollars worth not having your bk closed. since once that close order is issued you are FREE. personally, for me, i would even pay another 5k if i had to just to get it all behind me and move on with my life. but that's me. just something to think about.

[girlgator95]

I totally agree tobee43. If we end up with none of the proceeds, we will be ok with that. We are just relieved to have this chapter behind us. I will be contacting our attorney's office today to find out how this works. Thanks for weighing in on this.

[tobee43]

I totally agree tobee43. If we end up with none of the proceeds, we will be ok with that. We are just relieved to have this chapter behind us. I will be contacting our attorney's office today to find out how this works. Thanks for weighing in on this.

you're most welcome! and i hear you...just get it gone already!

make sure you keep posting to let us know how you make out

[girlgator95]

I called my attorney's office. She says I should definitely see some of the proceeds. I guess it's a waiting game at this point. I will let you know the outcome when everything is settled.

[keepsmiling]

Again, my question is... why don't you get your actual exemption???

I realize it's nickel and dime in the grand scheme. Still....when isn't an exemption an exemption??? seems rather arbitrary and capricious.
Please discuss.
I seem to keep bringing up points nobody wants to talk about. Do I smell bad or am I just making trouble here?

[girlgator95]

I understand your point keepsmiling. What's the point of an exemption if isn't actually honored? I was a little surprised that our TT took the asset (a camper) since we didn't think he'd get much more for it than our exemption amount. I think even the auctioneer was a little surprised, but he decided to take it anyway. I guess the TT gets more $$ that way. I think we were exempted for around $5800 and they auctioned it for $6000. Seems a little odd to me they got almost exactly the amount of our exemptions. I'm not sure what we will end up getting at this point--if anything. But considering the financial mistakes we've made--we are okay with whatever the outcome. Will keep you posted on the final outcome.