Is there a deadline for acceptance of house value?

[stray]

Trustee accepted vehicle values at 341, then 2 wks later sent out an appraiser. He questioned the value of our house at 341 and hinted that he may send out an appraiser, but hasn't yet (unless it was a drive-by and we didn't know). I provided a CMA that he seemed to not have reviewed prior to the 341, so it is possible he changed his mind and accepted the house value afterwards.

Since our house was claimed as an exemption, would I know by a certain date if he accepted it? Or since we are an asset case because of the vehicles, does this mean he has no deadline to accept our house an complete exemption?

Sorry, we're at 37 days since 341, ants in my pants, just want to check one thing off the worry list.

[btbeme]

Yes - it is 60 days after the 341, unless the Trustee needs more time and files the appropriate paperwork, typically a Presumption of Abuse, to buy some time.

[stray]

Update: We now have 10 days left of our 60 days (my dates in orig post were wrong). Trustee's appraiser came in lower than my values on our truck, motorhome and motorcycle. Trustee was pretty aggressive in the 341 saying I severely undervalued them, but he would accept them if I paid in one lump sum. It's funny how he knew all about the values of vehicles that are 10+ yrs old without asking about condition or miles. One tell-tale quote from the appraiser was "so, that oil's from the car?"

We have not heard a word about the house, so I'm thinking he reviewed the CMA or had a drive-by done or something. I sent the payment yesterday (delivery confirmed for this morning). I'm thinking if he took an interest in the house, it would have been in his letter listing our non-exempt assets? I feel the first bit of relief today, and am looking forward to those magical words in 10 days.

[IBroke]

stray, nice cat in your Avatar! Is that a Brown Persian Tabby?

[stray]

I think he's Maine Coon. He's really long, with a super long tail and long legs. He just showed up one day, and off and on ever since. We feed him and do what we can. If I can socialize him enough, I'd like to find him a home, I think he'd be a pretty nice buddy for someone (we have 5 already, yikes). Thought he was a she, then DH noticed his assets. Yours is really pretty and full of personality!

[despritfreya]

Stray,

Your reliance on the 60 days is misplaced. The 60 days has nothing to do with the administration of the case by the Trustee or the allowance of an exemption.

You are not "safe" until the Trustee abandons the asset. Abandonment has nothing to do with the timing of your discharge. In a no asset case the Trustee will quickly issue his "Report of No Distribution" which will also include abandonment language. This Notice can be filed before or after the entry of a Discharge. In an asset case, the assets have to be liquidated and the funds distributed before the Trustee does his "Final Accounting". This could take months and months and months. . .

Exemptions are deemed allowed 30 days after the 341 unless an objection is filed. However, just because something is exempt does not mean the Trustee does not have an interest in the asset. The Trustee’s interest is in any value over the allowed exemption and, so long as he/she can guarantee that if the asset is sold, you will get the value of your exemption, he can sell the exempt asset.

In your case, the Trustee may still be investigating if the home has value over any allowed exemption. There is no time limit in which he has to accomplish this. Further, until the asset is abandoned he has the right to latch onto any appreciation in value if such appreciation takes the equity over the exemption amount.

In your case there are assets. You just sent him money to buy back the vehicle equity.

In your case the final accounting will take months and months and months - long after the entry of your discharge.

In your case the closing of the case, which acts to abandon all assets not administered, will not happen for months and months and months.

In you case, if you want the home abandoned before the case is closed you either have to ask (and get) the Trustee to issue the abandonment or you have to file a Motion to Abandon and hope the Trustee does not object.

Since you do not know what the Trustee is doing as it relates to the home, if you have an attny ask him/her to find out. If you do not have an attny, call and ask the Trustee if he has reviewed the home value.

Des.

[stray]

Thank you Des, that's precisely the information I was looking for. My payment of assets was only $1100, and we owe more than double that to the IRS, so in my feeble mind, I'm thinking distribution should happen pretty quickly? We had no other assets other than the house, so I will ask my atty to find out if the Trustee has reviewed the value, thank you.

So, am I understanding correctly that when the case is closed, we're done and he can't come back and re-value the house? The house is way underwater and is in line with every other one in our neighborhood, so I'm quite confident about my valuation. Plus, if he wants to give us $50,000 (our exemption) for it today, we'd probably take it. After everything being up-in-the-air for 4 yrs, I just want that thing to look for that says "Okay, no more threats, no distractions, this is your life now, here's where you live and here's your monthly budget. Now, get back to work!"

[despritfreya]

So, am I understanding correctly that when the case is closed, we're done and he can't come back

That would be correct. Once closed (unless the closing was in error - happens sometimes), all listed property is abandoned. Once abandoned, forever abandoned.

Des.

[stray]

Thank you. Now I know my goal. I will sit tight and wait for the case to be closed!

[AngelinaCat]

Hi Stray:

Our case took 15 months to close. We were an Asset case also. Our major debt was to the IRS, so the monies that our trustee collected from us went to our IRS debt.

We had a Maine Coon once. He wore a black tuxedo and was very large with long legs, and fur that got longer as it got to his tail and hind legs. The fur on his hind legs actually curled. He also was a stray and got into a fight and got his tail broken, so I had to have it amputated. Then he looked like a Manx. He was a sweetheart.

[stray]

AngelinaCat, I just saw some info about your asset in another thread. I hope I don't have to wait that long, our asset amount was pretty low and our debt was pretty low too, but I know none of that matters. Our situation is so much less perilous than most others, so I'm counting my blessings and trying soooo hard to be patient.

Oh, and the stray (we now affectionately call balls) was super sweet this morning. He let me pet him a little and seemed to actually like it. He's been laying in the yard in the sun today. He's skinny since he was gone for days. Hoping he'll get better and stronger.

I had another scare a few minutes ago, that I should probably start a new thread about to hopefully get an answer. (This place is great.)

[IBroke]

Oh, and the stray (we now affectionately call balls) was super sweet this morning. He let me pet him a little and seemed to actually like it. He's been laying in the yard in the sun today. He's skinny since he was gone for days. Hoping he'll get better and stronger.

We miss Noa (my avatar), a Persian Tabby, very much since we had to put him to sleep last year after 15 joyful years. We already know that we will have to get another cat someday.