(live in CA) We attended our 341 today. Question is, my husband wants to sell his motorcycle that we exempted, he actually wants to trade it for a truck (truck is worth about 3k more, but guy is willing to trade straight across) of course i told him he had to wait until discharge, but our lawyer said it will be fine to do in about two weeks. is he advising us just to wait until the trustee makes a decision? are we allowed to buy or sell after that time but before discharge? we are unwilling to do anything that risks us getting into trouble, but we are unclear on the laws regarding this. also, do they monitor our spending after the 341? I mean, we don't buy anything considered luxury but we do eat out and want to buy some amusement park tickets for our kids' birthday. i have done so much research on this but still unclear on so many things.
-
-
I'll leave it to somebody else more familiar with the steps of Chap 7 to perhaps provide some insight on why your attorney suggested the exchange would be okay after 2 weeks. But, if you don't understand or you doubt the advice of your attorney, you should get clarification from your attorney.
I doubt the trustee will monitor your post 341 spending. The only reason I can think of they would do that is if they think you are hiding assets or are considering an objection based on totality of circumstances. Even if they look, unless you are eating out every night or having extravagant meals, I don't think the type of spending you are talking about will cause a problem. Check with your attorney to be certain.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
-
You have to wait 30 days after the 341 before disposing of exempt property because that is the time frame to object to exemptions.Originally posted by dustijane View Post
edit: no idea why your lawyer would say two weeks. Maybe in your area, if there is going to be objection that is when it will happen. Or, maybe he's waiting for the trustee's report of no distribution.Last edited by debee; 06-07-2011, 10:36 AM.There are two secrets for success in life:
1.) Never tell everything you know.Comment
-
I believe your attorney is referring to the 14 day UST deadline to submit whether or not you pass or failed the Means Test (no presumption of abuse), along side awaiting for the report of distribution; if any. A report of no distribution means an no asset case which is what you want.
I believe your attorney is just asking you to wait for that report of no distribution before completing any trade. I would wait till the UST report comes back; it's just 2weeks it could be even sooner depending on your UST file load.
As for monitor spending, I have no clue but IMHO I think they would care more about money come vs money going out. But that's just my 2 cents.Filed Pro Se: 11.12.2010 ~ 341: 1.12.2011 ~ Discharged: 3.9.2011 ~ Officially an Asset Case: 3.30.2011 ~ Last Day to File Asset Claim: 6.28.2011 ~ Trustee Final Report: 8.1.2011 ~ Asset Distribution: 8.31.2011 ~ Case Close: 11.15.2011Comment
-
Even if the case trustee files a no-asset report, the UST still has 30 days to object to the exemptions. They don't review every no-asset case though. It's by random audit.
OP was under the median, so no means test.
eta: Here's the blurb from the UST Program's Memo on case closing:
"Because of the nature and volume of no asset cases, a detailed review of each case is not feasible. The United States Trustee's review will be based on an evaluation of a random sample of NDRs submitted by each trustee. Within 30 days of the filing of the NDR, the United States Trustee will, in those cases selected, review the schedules to determine that all assets listed were properly exempted or of no value to the estate. If it appears that assets were available for liquidation, the record of the section 341 meeting will be reviewed to see if it explains the failure to liquidate assets. If the information is not adequate, the trustee will be required to provide an explanation. If the deficiencies warrant, the United States Trustee will file an objection to the NDR or move to reopen the case so an objection can be filed."
It can be read in full here: http://www.justice.gov/ust/eo/rules_...ou99/index.htm
However, I think OP is fine to sell when the NDR comes in. Doesn't sound like she will have any problems with the exemption.Last edited by debee; 06-07-2011, 11:32 AM.There are two secrets for success in life:
1.) Never tell everything you know.Comment
Comment