Trustee's motion for turnover of property

[gunner01]

What kind of representation? Bankruptcy attorney? Litigation attorney? I guess I was under the impression that the trustees negotiate. I don't understand how my furniture is worth almost $9000 when everything I read online says that the average home has $2-3000 in household goods.

I just don't care anymore. It makes no sense to keep paying attorneys to keep furniture. It is just stuff.

Hello Beachymama,

I have to agree with "justbroke" tell them to COME AND GET IT! I have my appraisal on in April. She explained that they are so booked up. I will keep you posted in regards to the dollar amount they come up with.

Best Regards,

Gunner01

[beachymama]

From what I have read on these boards, they really will try and sell your stuff if they think they can get some money, even the pee stained stuff.

My attorney is the one who screwed up, she never objected to the trustees objection way back and now I am paying for it.

[bobbyquefour]

Excuse my language everyone, but that just sucks. Sorry for you!

[beachymama]

UPDATE:

I have 20 days from 4-14-10 to advise the court what I want to keep or repurchase as the court was granted the trustees motion for turnover of property.

It also reads that this order is entered without prejudice to the Debtor amending her claim of exemption to seek to exempt funds in the bank as head of family wages.

My attorney is not communicating with me. So I don't know what to do.

I sought the help/advice of an attorney I met at my 341 (filled in for my attorney). He told me that the reason he does not practice anymore is because he no longer had the energy and time to fight with the trustees down here. He said to get a referral to another attorney if my relationship with my current atty is irreparable.

So I guess I am not going to fight with them either to waste my time and money.

I just want to keep a couple of small things and they can keep the rest. Do I just send a letter to the court explaining what I want to keep?

Do I offer the trustee an amount that I will pay to keep the items?

I want to move. Do I just keep these items in my house and just leave?

Who has been through this? Can you tell me the speed of this process for Middle District of Florida (Ft. Myers courts).

Tired, defeated...

[beachymama]

Oh, my appraiser wrote this on a blog in response to my blog post (below):

I am the appraiser in Fort Myers. I am not the "Trustees appraiser" as defined as I am under direction to pad a report to the trustees benefit. I am an independent , impartial 3rd party and I have been court appointed to do bankruptcy appraisals in the Middle District of Florida for over 15 years.

I have to agree that it is most unfortunate that the attorneys continue to tell their clients to use "yard sale" values. Judge Paskay does not want liquidation values used. The appraisal report clearly states that the appropriate value is Fair Market. The highest amount exchanged between willing buyer and willing seller with all relevant facts known.

We are very careful to use appropriate secondary markets for valuation.

To use Beachymamas example, it is quite rare to even find a sofa for $50.00 at Goodwill, much less one that you would actually bring into your home. People don't want to realize that items of differing quality and condition have different values.

I often say to people while I am in their home that if I was doing this appraisal for insurance purposes when you got my report you would say I was crazy, you could never replace all this stuff for that amount but when I do it for Bankruptcy and you get the same value on the property , you will say, "that woman is crazy this stuff isn't worth that much"

I asked one debtor with a houseful of lovely furnishings, why one earth she only listed her entire estate at $1,000.00. Her reply was that she was only allowed that much in exemptions. The truth was irrelevant to her.

People need to hire us before they file bankruptcy. Knowledge is power. Go into this prepared.

Joy Augustine , Read & Kelley Estate Services 239 731 2201

My original post:

In my district, the trustees are known for sending out appraisers (ft. myers).
What is unfair here is that the bk attorney will say use garage sale pricing for your schedules and exemptions, but the hired property appraiser does not.
When I added up my personal property, I used garage sale, craigslist type prices like $5 lamps, $50 sofas, $20 end tables, etc.
The trustees appraiser comes in and values my stuff at $150 sofa or $220 sofa $460 for a 5 yr old iMac and $250 for a Maytag stove that the builder included in the home.
So now instead of $1000 in exemptions listed in my BK filing, I am faced with being $8000 over exemptions because the appraiser overvalues stuff (and I have no antiques or jewelry) to make it look like I have more assets and they want me to pay the inflated prices. Then my attorney wants more money to have a hearing to negotiate!
My house is no where near valued at $500,000 and I am giving up my house, and I am giving up my furniture because I will have to pay $8000 to keep it and then $7000 to move it out of state. I don't have that kind of money.

[justbroke]

The appraiser's posting is very fare if you ask me. It is true that the reason that Appraisers are used extensively in Florida, is because, magically, everyone's home only has $1,000 in property in it. Whether they have a one-bedroom apartment, or 5-bedroom McMansion.

I'll post later on your situation. I'm getting settled.

[seFlaDude]

If you don't mind me asking, What blog is it? I would be interested in reading it

[beachymama]

The blog is by located at http://www.bankruptcyorlando.com/

[beachymama]

I have 8 days left. I have decided to try and contact the trustee myself. My attorney will not respond to me. I went to a lawyer consultation yesterday and he pretty much said I am screwed and it will take thousands to fight to try and revert the order to turn over the assets. So I will write a letter to the trustee asking to have my child support, my head of household wages exempt so that I could exempt some of my furniture and my car.

If I cannot get that exempted, then my STIPULATION to repurchase includes:

Car $1288
Clothes $150
Laptop $155
Bank Account Funds $788

and then they can come with their truck and I can say bye! bye!

[beachymama]

Yesterday was the 20 days I was given to tell the trustee what I want to put in a Stipulation to Buyback. My attorney never responded, so who knows if she contacted the court. I contacted the Trustee and he told me to stop writing him because he could not communicate with me.

So I don't know what is going on, when it is going to happen or what is going to happen.

[justbroke]

That's just rude, not communicating with you. Go sit in his/her office.

[gunner01]

So I don't know what is going on, when it is going to happen or what is going to happen.[/QUOTE]

I was hoping you would share with an update? I am still waiting to hear what the final dollar amount is...

[teek76]

My husband had a similar situation and has an upcoming hearing for trustees objection to debtors exemptions.. there wasn't any mention of turnover . The document simply states that he is above the (pathetic) $3000 allowable exemptions and that the he be required to claim only the $3000 as allowable by law. Our attorney said that he will just need to amend our schedules and anything above the $3000 will be able to be taken and sold if the trustee decides to go that route. Does that sound right? (Curious if our atty is on the mark)
If we adjust, we will then have vehicles and tools nonexempt. Both vehicles are secured on the same lie. My vehicle is worth app $6K (we reaffirmed lien) but my husbands work truck is pathetic. KBB says for fair value it is worth 4100..but it is POOR or whatever is below poor. He has an estimate for repair work on the vehicle from 2009 for $4900 (see why he never fixed it?) And since then, he has ruined two fenders by having blowouts on the interstate. He needs it for work (not that THEY care) and it has more in repairs thyan it is even worth.but w it being on same lien I don't know how that works.
Can we offer to buy the tools and vehicles back or how should I expect this to go?
ALSO.. his 341 was July 16 and continued but a date has yet to be set. The trustee has requested a bit more info and we have complied. Is this highly unusual for us to have a 341 postponed so long w/out date and a hearing for objections scheduled first? I don't know if we are moving along OK or if we are about to be hit by dismissal or something crazy.... thanks for any help!

[teek76]

Btw... does it matter in regards to household goods if I owned furniture prior to marriage or if certain things were gifts (like baby/toddler furniture from my parents at baby shower etc) ..or is it just up for the taking if they question values or appraise for more etc? I am unemployed so I want to vomit at the thought of someone taking my childrens beds but its my understanding its jointly owned and not his or hers...?? Thoughts??

[digital]

Btw... does it matter in regards to household goods if I owned furniture prior to marriage or if certain things were gifts (like baby/toddler furniture from my parents at baby shower etc) ..or is it just up for the taking if they question values or appraise for more etc? I am unemployed so I want to vomit at the thought of someone taking my childrens beds but its my understanding its jointly owned and not his or hers...?? Thoughts??

I would be very suprised if the trustee took any of your property, given the time it would take for he/she to obtain/sell it and then his/her cut of the sale - would be minimal (based on what you're describing). Legally of course the trustee (if they want to be a PITA) could setup the payment schedule to buy your property back - but that's pretty harsh - and even then, probably not worth the time.

The trustee's are looking for fraud/significant asset bankruptcies, they're looking out for themselves to make $$ - and it doesn't sound like your case would be worth the time. (that's the best kind of bankruptcy, just like ours, trustee didn't care for anything). And your furniture/beds (minus maybe a very nice tv..) are not worth much, they should be valued at what you could realistically sell them for at a garage sale to someone that wants to haggle.