What Does Your Chapter 7 Trustee Really Think About Your Case
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- Опубліковано 15 лип 2024
- When you file Chapter 7 bankruptcy in Atlanta, your case will be assigned to a Chapter 7 trustee. In the Northern District of Georgia, most Chapter 7 trustees are private lawyers who handle trustee work part time.
As I discuss in this video, most Chapter 7 filers have very little money and very few assets. As such well over 95% of Chapter 7 cases are “no asset” cases. In these cases the trustee gets paid a flat fee (currently $60) per case to file paperwork documenting that you have no assets to liquidate.
A small percentage of Chapter 7 cases are “asset cases” which gives the trustee the opportunity to liquidate assets for the benefit of creditors. In these asset cases the trustee gets paid a generous hourly rate for his/her trustee functions and he/she can also retain his/her own law firm to represent the office of the trustee. Fees billed by the trustee acting as the trustee and as the lawyer for the trustee can mount quickly since most trustees bill at a hefty hourly rate (sometimes $500 per hour or more).
Because of the financial incentives involved, Chapter 7 trustees like asset cases. This is why you must be entirely truthful with your lawyer about assets you own and income you receive. Further, do not rely on just one source to estimate the value of hard assets since you can be sure that the trustee will assume the highest possible valuation.
Once you file Chapter 7, you cannot dismiss your case because you are unhappy with the actions of an aggressive Chapter 7 trustee. Your best strategy always is to assume the worst case scenario before you file so you can avoid surprises. #chapter7bankruptcy #chapter7trustee #bankruptcyattorneyatlanta
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Valuable information here. Thank you
Extremely helpful!
Thank.you.so much.
Great information. Thanks
I've been learning is that the trustee does get paid out of our account in the bank and the trustee is for us not for the . court
Great info
Thank you!
Good info
Very informative. It's about time someone expressed some truth.
Lying through his teeth😅 have a trustee in place of the court 😅😂
He saying dammit my fucking phone sucks. The trust he gets paid off of your money when you settle or the guy say he gets a certain percentage and hyou have to pay him for his services!!!
I said why don't you be honest and just tell everybody they can be debt-free with a 10 99 a and a 1099-C or letter of acceptance.
Unbelievable. Company rying to bankrupt me, filed that I'm in default forbearance there that's illegal so I thought. And I didn't even know that I alone I didn't get offered to sign a reinstatement after the court hearing I did not know.
Rght now they're trying to take my house because they discharged the mortgage loan. All that means is I can walk away I'm not responsible for the money.
If I'm not the owner of the loan if I'm not in charge of the loan why am I paying interest to the bank if they own the loan? That's bulshit😮👹😡
My God they're even saying they can control your assets and everything that's ridiculous!! get your own TRUST ACCOUNT AND TRUSTEE. SHOULD HAVE SAID THAT THE JUDGE RULE IF IT'S A SECURED LOAN WHY DO I HAVE TO PAY BECAUSE IT'S ALREADY BEEN PAID WITH MY MONEY IN THE TREASURY WITH MY BONDS?
VOLUNTARILY PAYING ON THE MORTGAGE?
The only thing I have is my shoes and clothes. NO valuable assets. No real money in the bank.
Thanks
Refreshing for an Attorney to share knowledge and expertise and inform the public on these matters. I'm wondering if anyone out there has a link or information on how long a Trustee has to file a Adversary Proceeding after a bankruptcy? I cannot seem to find much on this topic.
This was a 'wow' video, it really was. I am very familiar with bankruptcy cases, I used to help people file them. Never would have thought that these facts were true, just mind-blowing. The trustee gets just $60 or a no-asset case? They can get big bucks out of cases with assets? I had a totally different view of trustees, thanks for your insight into this.
Basically describes my chapter 7 experience to the T. Trustee delaying my case with this housing market because my house keeps going up in value. now she claims its worth 40% more than what I paid 2 years ago. waiting for her appraiser to come any day now. Funny thing is the same realtor that sold me the house who was working for the sellers at the time was the one I reached out to for a value for my schedules. even she did not come up with this value the trustee is saying. she would know my house better than anyone since she dealt with the sale.
I learned my lesson 😏
I’m in Florida. My home is protected with homestead exemption. I have two cars. A Toyota Camry 2001 and Toyota Camry 2015 both free and clear. I really don’t want to loose the cars. They are co-owned with non marital status.
A chapter 7 trustee must love me cuz he's getting a pocketful too
what if the trutsee wanted to retain assets after closing in a no asset case?
and the debtor had interest in a property which was liquidated
Hi, can i sue my assignee ( who I sold my business to ) for not paying rent to the landlord? The landlord said they will sue me because my name was on the lease. Thank you very much.
what if I sold a piece of equipment to someone on facebook, I received some money but no where near what it was worth, can they go after that person to get that equipment.
I've heard that during the pandemic, the 314 meetings are being done via phone conference. True? I recently had a social security disability hearing, and it was a telephone conference call. Sounds like this type of thing is pretty common, at least for now
Yes, I have a 341 meeting scheduled to happen through a zoom meeting specifically. It'll definitely be interesting! Lol
@@wab090391 how did your meeting go?
@@E_Legal_Alien Super smooth, no issues! The part that took the longest was the waiting for my turn in the "waiting room". I was completely alone at that point, but once it was my turn my lawyer and trustee were both there.
@@wab090391 did they question you pretty strongly? I have no property or expensive assets but have a few minor camera equipment I’m hoping they don’t take.
@@dreamvisionproductions9504 Not too much, my meeting was maybe 10 mins tops, mostly confirming everything that was submitted was correct, and making sure nothing was forgotten. Your lawyer generally goes over everything with you so you have an idea of what to expect. I have a mortgage, but I also live in a state where there's exceptions for mortgages and car loans. But even then it was super easy for me. The impression I got with assets is that they're making sure you don't have multiple pieces of real estate and/or fancy heirloom jewelry, so I'm pretty certain you'd be okay. Best thing to do would be to talk to a lawyer, it's intimidating as heck at first, but if you get a good one they really know they're stuff and make the process generally pain free. Good luck!
Looking at Zillow. Check. House over $250,000. Check. Initial lack of disclosure of PayPal account. Check.
This lawyer even advises not to trust your own lawyer when they say "it's fine" regarding your home value. He's screwed.
I've been saying since the filing info first came out that his house is not accurately being valued on his documents. They're going to reevaluate the value of the house and then force sale according to all the info I've seen on how chapter 7 works.
No more snort fort!!
I love how we all know who we're talking about without naming names. Snort
In Florida they can’t go after your home
Glad I live in Florida where 100% of your homestead property is exempt from the Trustee
Can I file if I am homeless and have no residence?
It's a trustee trustee of our account our bonds that are in the bank they are not for the
Do a pending discrimination law suit count as an asset case?
So Atlanta homestead exemption is only $21,500 Wow! I am in Arizona and it is $150,000. My trustee hired attorney claiming my $30,000 IRA rollover is not exempt and an asset. I had two CPAs claim other wise including the a CPA the trustee attorney used to consult with on tax law. Now the trustee attorney wont' return my attorney 's calls to remove the objection on the rollover. My case is still open after a year.
Yes it is odd that exemptions vary so much from state to state. I am surprised that the law in your circuit is not settled re the exemption status of an IRA.
@@atlantabankruptcy Trustee said I violated the rollover limit . She misinterpreted the IRS rules for how many rollovers on a year one can have. My attorney says she has to either remove objection or call a hearing. Been 4 months and nothing happened on my case.
if my name and others are on the title of the house, but not the loan. does that mean the house is considered my asset?
WOW I'M SHOCKED THAT THEY ATTRACT YOUR ASSETS? I HAD NO TRUSTEE FOR MY CHAPTER 7 IN 2017,WE 2ERE IN COURT.
My Dad had Alzheimer's and Dementia. A Half Sister had full POA. Then She and Her Husband Declared Bankruptcy. Dad passed away . They landed nicely with a half million dollar Condo they built while under Chaoter 7. And a New BMW. Now they just say Dad was Broke when He died and went no contact. Nothing I can do about it. I finally got a DES Investigstor on it. That's underway now. Nothing will happen. Crime pays if it's paper shuffling Crime! There is a Trust but they just say there isn't.. they robbed Mom and I. I you can't afford to hire an attorney and are in another state barely getting by. Just suck it up and try to forget it. 😢
Can they find out how many bank accounts you have or just the business bank account?
The trustee can ask about all potential assets you may own.
Do they take things like computer, tv and game consoles?
Electronics lose value very quickly after they've been used.
if your home and property is worth more than 25 thousand dollars in Georgia can they put you out your home living on the streets?
If you have a couple firearms they're going to make a big deal about it?
Hi- If I am reaffirming a mortgage, does that take me out of the liquidation equation? Thanks and these are very informative videos.
DSP GET A JOB
@@djtoxicdhg DSP GET A LIFE!!
What were you able to find out?
@@djtoxicdhgSTOP BEING A JERK
In Florida and many states a home is untouchable
What exactly is considered an asset? What if someone has no titles/deeds to their name like they rent instead of own and do not own any vehicles (& never have)?
A car or house in your name, (whether you still have to make payments on it). If you state you have an expensive grand piano or something valuable but unnecessary to you. A yacht.
an asset is a house or a car your paying a bank for...
they will still take assets even if you don't have deeds. If you have a lean, they will take any equity you may have to pay off the lean to retrieve the deed
@@dcsconsumerreviews1632 Thanks. I never bothered going through with filing once COVID hit. So all the credit cards are still in delinquency going on 2 years now. Most entered charge-off (+180 days since 1st falling behind) in March/April 2020.
@@IvyANguyen if they ain't suing you, go to like lexington law and have them try getting accounts removed. I done that before.
THOSE TRUSTEES ARE TRUSTEES OVER OUR BONDS THAT ARE IN THE TREASURY NOT FOR THE SPORT ‼️ HOW CAN YOU STRAIGHT OUT LIE TO PEOPLE?
IT'S A CHARGING INTEREST ON THEIR OWN MONEY AND THEY'RE ALREADY PAID WHEN WE SIGN A CONTRACT TO LET THEM USE OUR MONEY THAT'S IN BONDS IN THE TREASURY
IF I WAS A RESIDENT OF GEORGIA I WOULD HIRE YOU IN A MINUTE.
IT'S BECAUSE OF YOU
THAT'S WHY IT'S THE WAY IT IS RIGHT NOW.
YOU STAND UP PEOPLE INSTEAD OF YOUR
POCKET ‼️
Crooks