Back from 341, trustee wants pers prop appraisal

[FloridaGuy]

Well... overall everything went quickly. The trustee is going to arrange for a appraisal on our persoanl property & cars. She thinks our pricing was too low.

At this point we don't even care. Let them take it. Most of our furniture is 10 years old or more. Except a new bedroom set we bought about a year ago. She also thought our cars were too high. She uses KBB RETAIL value... I think we used personal consumer value on our petition.

So now we wait some more.

What happens now? Does this slow down the discharge? If she thinks we have more than exempt allowances, what happens?

How has it turned out for others in this situation? And/or what dd you do?

[stressin]

At this point we don't even care. Let them take it.

I think that you have the right attitude, if that's any help. It doesn't sound like you were trying to hide anything--sometimes it can be hard to set a value for personal property. Our lawyer helped with this or I would have been clueless.

I have the same feelings that you do about it--if anything is a problem, just take it. I just want to be done with it and get a fresh start.

Hope it all goes well and doesn't slow you down too much. Keep us posted.

[soleprop]

i remember at least two people on here within the last year had appraisers come at the request of their trustees. as i recall, there was no drama and the trustees abandoned the physical assets. one of the people still had an asset case i believe, in that they had to pay some funds to one of their creditors (or maybe it was back taxes).

anyway...good luck!

[ready2puke]

Seems like its the folks in Fla that have this problem. Anyone in California ever had the appraiser come to their home?

[StartingOver08]

FloridaGuy, are you in the middle district for BK?

Apparently there is a trustee over there that likes to send an appraiser by to value the personal property. As one of the previous posters said, you have the right attitude about it. After all, how much can they get for 10 yr old furniture????

[FloridaGuy]

Yep... middle district it is. I just keep trying to move on... and keep having road blocks! Ugh.

[yeahdischarged]

The trustee can pursue your assets and not have it affect your discharge. If this happens, you will get discharged "on time" but then who knows when you will close. The trustee will try to garner assets to sell and then distribute to your creditors. This can go on for months and/or years, unfortunately.

Has your Trustee filed a "Proof of Claims" yet, notifying your creditors that there "may" be money? The creditors will then have 90 days to file their claim for your debt to them. This means that you very well may be discharged around 60 days after the 341, but the POC goes on another 30 days. This is separate from the process the Trustee goes through to acquire the assets. If there is no fraud found, discharge should proceed normally.

BTDT and have the gray hair to prove it. Trustee never did get any assets (like we had said, there was nothing of value - Duh!) and our closing was over 6 months after our discharge. Our creditors got notified for no reason in the end. As a result, we did not get to celebrate and relax at discharge since we were fighting the asset issue, but we were discharged nonetheless.

[FloridaGuy]

Change in pacer

Even though the appraisal has not been done yet I already see changes. Pacer was changed to assets "yes". There was a trustee objection to claim of exemption notice. It was Primarily our cars. (As mentioned in above post) She claims my car (Which is owned) has a value of almost $5k The allowable exemption is $1K. In reality you'd be lucky to get $1700... the amount I put in the petition. We'll see what the appraiser says.

She also employed herself as counsel... and a request to the clerk to notify creditors, and schedule another hearing for all parties of interest.

We did what all the attorneys recommended. Use garage sale/craigs list prices. I used KBB prices for the cars. Although not retail as the trustee uses, I found out. I spent hours researching values, so I hope the appraiser comes close.

[yeahdischarged]

Yep, if the Trustee changed it to Asset: Yes, a Proof of Claims won't be far behind I would imagine. I hated that in the sense that it "woke" everyone back up who had written it off. It is interesting to watch to see who ends up filing POC's, because they don't all do. Sometimes not even a huge creditor won't make that deadline. Just try to stay calm and wait out the process. It does put a damper on things, for sure.

[EAI10]

Eldridge Appraisals, Inc. also provides a service that is independent and Impartial. 239.243.9163 we appraise all personal property and automobiles

[LadyInTheRed]

To realize the thread that you are reading is almost 2 years old is annoying. To see that it was bumped by somebody so they could advertise their business is maddening!

In my line of work, I use appraisers regularly to value assets of very wealthy decedents. I know one appraisal service I will be sure to avoid.

[EAI10]

Sorry...just keeping it on subject