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Partial Christmas Present~~waiting on the other half

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    #1

    Partial Christmas Present~~waiting on the other half

    Well I looked on Pacer today and see that a discharge was entered today. What a nice present, but it is only the half of it. How much longer until I get the other half? You see, we were deemed an asset case. I have read that this closing process could take months. I have also read on some prior posts that this is the moment I am waiting for, a discharge. I guess I don't feel as excited as I should. I do agree that a discharge is great, however, I think the closing date for me is much more important. At least I won't have to worry so much and can move ahead.

    On 12/17, a Motion and Application to Employ *** and the Law Offices of *** as Counsel Filed by *** scheduled for 1/9/2013. My attorney tells us that the trustee is going after any assets in the house. If you read my prior posts, we have none and I believe he is wasting his time. BUT I don't trust our Trustee as he is the devil in my eyes. Our attorney is going to object this motion because there is no value placed on our house...we are still waiting....and waiting.... Not to mention that appointing the trustee as attorney is such a conflict of interest and I do not believe this should be allowed at all but apparently happens all the time. I am sure at the end of the day even with our objection, the trustee's motions will be entered.

    Any asset cases out there who were discharged and closed quickly? Feel free to post your stories. Your past experience helps me pass the time as I wait. Merry Christmas everyone!
    Tags: None
    #2
    Sorry, but we were an Asset case, and it was about 15 months before our case Closed.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment

      #3
      Originally posted by Worriedmom4 View Post
      I do agree that a discharge is great, however, I think the closing date for me is much more important.
      The whole goal of filing bankruptcy is to discharge your debt. You've accomplished that goal and should celebrate. The case will close when it closes. It sounds like you have an attorney who is watching out for you with regards to your assets.

      CONGRATULATIONS ON YOUR DISCHARGE!!!!!!

      The Trustee hiring his firm as an attorney is not a conflict and is very common. A conflict occurs when a law firm's interests or the interests of a client conflict with the interests of another client. Unless the law firm is your attorney, there is not a conflict.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment

        #4
        we were an asset case - filed june 11 - discharged sept 11 - closed 8-2012.

        We "bought back" our assets right away - as soon as the appraisals were entered and completed. Date on the check was 9-11. we paid just before being discharged. We knew we had a bit too much equity in our vehicles so we (sort of) expected this and were (sort of) prepared for it.

        GL.

        Comment

          #5
          Brace yourselves for a hurry up and wait.

          There have been a few others in your shoes who wound up with tt abandoning assets upon realization that they really did overestimate equity. Or upon a judge's orders.
          Hopefully you come out ok. The real dilemma is deciding whether to keep paying the mortgage or not. Tough decision.

          Did you ever get another appraisal of the house?

          Keep On Smilin'

          Comment

            #6
            Originally posted by AngelinaCat View Post
            Sorry, but we were an Asset case, and it was about 15 months before our case Closed.
            Eeekkksss!! Just what I am hoping does not happen to us! Why the heck so long? What are they looking for? Any recommendations as to what to do/not do during this time? Thanks!

            Originally posted by keepsmiling View Post
            Brace yourselves for a hurry up and wait.

            There have been a few others in your shoes who wound up with tt abandoning assets upon realization that they really did overestimate equity. Or upon a judge's orders.
            Hopefully you come out ok. The real dilemma is deciding whether to keep paying the mortgage or not. Tough decision.

            Did you ever get another appraisal of the house?
            It's a no brainer for us...we want the house and have no intention of giving it up so yes, we pay the mortgage. I am guessing we will have to buy back the assets, if any, as TBA mentioned above. My attorney suggests getting another CMA first before I spend the money on a licensed appraiser. I have no problem getting the appraisal done. Is it safe to assume that if I pay for the appraiser, it should go a little faster? I plan on getting the CMA after the holidays. My main worry is that the trustee brings in his own appraiser, one who obviously works for him, and appraises the house very high. Since he is the trustee, and soon to be the attorney, he might as well wear every hat available to him so he can fill his pockets. My attorney assures me that the trustee does not want the house, only money. Not sure if he is telling me this to calm me down or if he too truly believes this. I do hope that there are no bad surprises in the future for me regarding the house. Remember, the trustee has already claimed that there are assets in the house yet he has never had an appraiser here.

            Comment

              #7
              Originally posted by LadyInTheRed View Post
              The whole goal of filing bankruptcy is to discharge your debt. You've accomplished that goal and should celebrate. The case will close when it closes. It sounds like you have an attorney who is watching out for you with regards to your assets.

              CONGRATULATIONS ON YOUR DISCHARGE!!!!!!

              The Trustee hiring his firm as an attorney is not a conflict and is very common. A conflict occurs when a law firm's interests or the interests of a client conflict with the interests of another client. Unless the law firm is your attorney, there is not a conflict.

              Yes, it should be something to celebrate and I thank you. I wish I was a little more excited though

              Comment

                #8
                The house will be a huge headache for the tt. He will have to pay a realtor. In the event he seizes the house and you start defaulting, he has to make up those mortgage and tax payments, and utilities to keep the house running. Of course the tt will prefer the cash to the house. The big q is, how much? What's reasonable? And that's where you and your attorney will need to get your appraisal and possibly, eventually, the cooperation of a reasonable judge.

                Somehow this will all work out. Hang tight, get your CMA and go from there.

                Keep On Smilin'

                Comment

                  #9
                  Follow your attorney's advice and get the CMA. There may be strategic reasons that your attorney wants you to wait to get an appraisal.
                  LadyInTheRed is in the black!
                  Filed Chap 13 April 2010. Discharged May 2015.
                  $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                  Comment

                    #10
                    I'm an asset BK7 case too. We are discharged, but not yet closed, 5 months since filing.

                    Trustee claimed I undervalued my vehicles and sent an appraiser out. The appraiser actually valued them lower than I did. We paid for those assets a week after we received trustee's offer (in Oct).

                    He claimed we undervalued our house too. I had a comprehensive CMA at the time of filing, but I get the feeling the trustee hadn't looked at. At the 341 he asked my atty for a copy of it. Trustee said he'd be sending an appraiser for the house, but it hasn't happened. I think he reviewed the CMA and may have had a drive-by appraisal done. Or maybe his car guy just told him how crappy our looked when he was here.

                    Still don't know his intentions with our house - even though we are very much under water. Get the CMA now and get it in your atty's hands. Then, yes, we just have to wait. Good luck.
                    BK7 Filed 7/10/12 • 341 8/15/12 • Discharged 10/17/12 • Closed 5/6/13 Thanks to everyone here!

                    Comment

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