bambamcredit Posted January 9, 2008 Report Share Posted January 9, 2008 If I don't want to include an item in my BK 7 do I have to list it if it’s not past due or NON-dischargeable? My student loans are deferred and my car lease is being paid (voluntarily) by someone else (the main signer-I am cosigner), do I have to list these on any of the forms... In other words I want to discharge all my debts except my car lease and my student loans....Thanks Again Link to comment Share on other sites More sharing options...
Methuss Posted January 9, 2008 Report Share Posted January 9, 2008 you must list ALL accounts for which you can be responsible to pay money of any amount. Open accounts that have a balance of $0 can be left off...but that is all.If you leave off a creditor, and are caught by the trustee, your whole bankruptcy can be dismissed and you have blown your chance for 8 years. Link to comment Share on other sites More sharing options...
rocky12 Posted January 9, 2008 Report Share Posted January 9, 2008 Does that mean ALL accounts of any kind or just credit cards and medical bills? What about a pest control company? I dont want to put them on mine b/c if we do I am sure the company will make the termite bond null and void - We owe them money for that. They don't care when we pay them so I did not want to list that. Would we get in trouble for not listing that kind of thing? And what about homeowner dues. Those probably are not dischargable anyway since we will be able to keep the house. Link to comment Share on other sites More sharing options...
willingtocope Posted January 10, 2008 Report Share Posted January 10, 2008 ALL accounts except taxes and student loans are discharged by a BK 7. You may reaffirm some debts, but, they have to be disclosed to the court and the court has to agree that you have reaffirmed that you will continue to pay them. This includes your house mortgage. Link to comment Share on other sites More sharing options...
Methuss Posted January 10, 2008 Report Share Posted January 10, 2008 Does that mean ALL accounts of any kind or just credit cards and medical bills? What about a pest control company? Yes, all accounts. And if anything is tied to real estate, such as water, sewer, or HOA assessments those have to be listed too.The only way an account can be left off is if it has a $0 balance because if you do not owe anything, you are not in debt to them. Link to comment Share on other sites More sharing options...
parsoc Posted January 12, 2008 Report Share Posted January 12, 2008 Yes, all accounts. And if anything is tied to real estate, such as water, sewer, or HOA assessments those have to be listed too.The only way an account can be left off is if it has a $0 balance because if you do not owe anything, you are not in debt to them.I understand listing accounts and all things traceable but I'm curious as to the efforts trustees go to and how they do it: e.g., $1200 carried by local golf resort for initiation fees? as far as I know that doesnt go to a CRA or should I check??!! Are checking accounts gone over, and by whom? The attny hasn't asked for those yet, just last year's tax return and a huge questionnaire.And if the big TV (not huge, only 32") is not listed, will they "discover" it in checking a cc purchase of 3 years ago?I understand about not hiding assets and how lying will cause a dismissal, BUT I'm curious about how some of these things get known.Also, if it's decided that something should be sold (TV, computer, stereo, whatever) is the debtor responsible for physically doing that or is it just taken? Anybody out there have experience with this? Link to comment Share on other sites More sharing options...
rocky12 Posted January 13, 2008 Report Share Posted January 13, 2008 I have these exact questions - so if anyone has answers that is 2 of us that would appreciate the answer - I understand it is not legal advice - Just personal experience answers would be nice! I was told previously in a post where I asked "would someone come to my house and look at all our stuff "- that most likely not unless we did something to make the trustee suspicious. Link to comment Share on other sites More sharing options...
willingtocope Posted January 13, 2008 Report Share Posted January 13, 2008 The thing is...BK trustees are paid by the case. So, for MOST BK's, they just look to make sure all the correct papers are there and signed in the right places. They may ask the debtor a few questions. And then they'll move on. Its in their best interest to get as many ORDINARY cases out of the way as quickly as possible.BUT...if in their quick glance over things they see ANYTHING that catches their eye, they may dig a little deeper. They're in the business of reading people. They expect you to be a little nervous, but if they have any reason to think you're being evasive or less than honest, they may pounce. If they can find money to disperse or assets to sell or "preferred" payments to recall, they'll get a peice of that too. If they find something to sell, the court will handle it...which means that they're probably NOT going to be interested in a 3 year old medium screen TV worth what, $250 on resale...but they probably would be interested in a 10 carat diamond ring.Your best bet is to be 100% completely honest with your lawyer. Let him decide what to tell the trustee. The lawyer will know how trustees in your are react to certain things. He'll tell you what to expect. Link to comment Share on other sites More sharing options...
LadynRed Posted January 13, 2008 Report Share Posted January 13, 2008 Are checking accounts gone over, and by whom?You will most likely be asked for at LEAST 6 months worth of bank statements, but I'd be prepared to produce 1 year's worth if asked and Trustees are known to ask for exactly this sort of thing. And if the big TV (not huge, only 32") is not listed, will they "discover" it in checking a cc purchase of 3 years ago?Maybe not, and as WTC said, a 3 year old tv like that has little re-sale value and there's no reason you couldn't list it, it would fall under your exemptions for personal property.Also, if it's decided that something should be sold (TV, computer, stereo, whatever) is the debtor responsible for physically doing that or is it just taken?If the Trustee finds assets to be seized to sell, the Trustee will have the item's picked up and will sell them in a Trustee's sale.In some states, and in some districts, it's not at all unusual for a Trustee to send appraisers to people's houses on a regular basis. This tends to happen where personal property exemptions are stingy -like FL's used to be at only $1,000 ! Link to comment Share on other sites More sharing options...
parsoc Posted January 13, 2008 Report Share Posted January 13, 2008 Thank you, this has been helpful. I will probably have more questions as the process goes on...but I feel relieved just to have made the decision to file.....we just have to get the money together by the end of the month...he' willing to take 2 payments, or more, and will start the paperwork but not actually file untill the fees are paid in full...$1700 which includes the filing fees. It didn't seem exorbitant, and it's an attorney I'm familiar with and respect.So onward...to a fresh start!! Link to comment Share on other sites More sharing options...
rocky12 Posted January 13, 2008 Report Share Posted January 13, 2008 glad you found a lawyer you are familiat with - we just talked to some and chose the one we liked best. His fees are going to be 1500.00 so I guess that's about average - I think you have to have all the feew paid before they will file a BK7. I agree that just having made the decision and getting started on the whole process relieves so much stress! Good luck - we are looking at filing before the end of the month - As soon as we can get all the info to the attny. And he said what willingtocope said - He will help us with how detailed to get listing personal belongings b/c he knows the trustees and has a lot fo experience. if you trust your lawyer then they will take care of that. Link to comment Share on other sites More sharing options...
parsoc Posted January 16, 2008 Report Share Posted January 16, 2008 glad you found a lawyer you are familiat with - we just talked to some and chose the one we liked best. His fees are going to be 1500.00 so I guess that's about average - I think you have to have all the feew paid before they will file a BK7. I agree that just having made the decision and getting started on the whole process relieves so much stress! Good luck - we are looking at filing before the end of the month - As soon as we can get all the info to the attny. And he said what willingtocope said - He will help us with how detailed to get listing personal belongings b/c he knows the trustees and has a lot fo experience. if you trust your lawyer then they will take care of that.Just a follow-up....I submitted most of the forms and about 40% of the fee to the attorney's office yesterday; I have an appointment tomorrow with their BK assistant to go over what is next step and get my To Do list. But, more importantly for me right now, is that I have officially retained him and can refer all creditors/CA to him!!!! I did my first referral about 10 minutes after that phone call (NCO) and IT FELT SO GOOD!! That alone was worth every penny. I would also suggest everyone read the articles/postings here re BK, the information was very helpful Link to comment Share on other sites More sharing options...
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