Posted on: 12th Dec, 2008 06:07 pm
My husband and I filed Chapter 7 in June 07. We met the trustee from
hell. She held up our papers for over a year. Then she tells the court that
she thinks she found an asset, my husband's insurance agency. His company appeared in court and presented the case that we did not own our
agency. Then she wanted my husband's TPP( terminiation package) in which the only way she can collect it is if he if fired or retires. We then decided to get rid of the stress and go into Chapter 13. The court agreed.
We are supposed the go to court Monday, but today we had a call from our
lawyer saying that he didn't think the numbers would crush. We are not
in a panic. If Chapter 13 doesn't work, do we have to go back into Chap 7? I don't belive emotionally I can put up with this trustee. She even
submitted a 17,000 bill to court for her services. She is a real bitch.
hell. She held up our papers for over a year. Then she tells the court that
she thinks she found an asset, my husband's insurance agency. His company appeared in court and presented the case that we did not own our
agency. Then she wanted my husband's TPP( terminiation package) in which the only way she can collect it is if he if fired or retires. We then decided to get rid of the stress and go into Chapter 13. The court agreed.
We are supposed the go to court Monday, but today we had a call from our
lawyer saying that he didn't think the numbers would crush. We are not
in a panic. If Chapter 13 doesn't work, do we have to go back into Chap 7? I don't belive emotionally I can put up with this trustee. She even
submitted a 17,000 bill to court for her services. She is a real bitch.
hi anne,
as far as i know, you can only convert once without court approval, so if you need to convert again you will have to file a noticed motion and then you will have to convince the court it is in the interest of your creditors that you need to convert it once again.
i don't think that chapter 13 is a bad option. here you will be able to retain the property. moreover the lender will also give you a plan through which you will be able to pay off the debts with 3-5 years. in my opinion, a chapter 13 bankruptcy is better option than chapter 7. to know more about chapter 13, check out:
http://www.mortgagefit.com/bankruptcy/chapter13.html
thanks
as far as i know, you can only convert once without court approval, so if you need to convert again you will have to file a noticed motion and then you will have to convince the court it is in the interest of your creditors that you need to convert it once again.
i don't think that chapter 13 is a bad option. here you will be able to retain the property. moreover the lender will also give you a plan through which you will be able to pay off the debts with 3-5 years. in my opinion, a chapter 13 bankruptcy is better option than chapter 7. to know more about chapter 13, check out:
http://www.mortgagefit.com/bankruptcy/chapter13.html
thanks