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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2884
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed for a Florida Chapter 7 bankruptcy. I received a discharge

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I filed for a Florida Chapter 7 bankruptcy. I received a discharge letter dated 10/15/09 and then received an adversary proceeding summons dated 10/13/09. The creditor is objecting under 11 usc section 523. I have gone over and over my financial statement and everything that I listed I have statements supporting the amounts. I dont have anything for the personal assets because noone told me to get an appraisal on them but to do the best I could. After spending hours looking for a mistake I might have made the only thing I found was my car payment was listed on the debt page but didnt go onto the page where it subtracts the assets from liabilites.that is the only thing I can see, but it is clearly stated in my liabilities, I never intentionally tried to hide anything. When the leasing company asked me for any documents i didnt hide anything, now they are saying I intentionally over stated my financial worth to deceive them.dont they have some accountablity in finding errors before lendi
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Good morning, thank you for your question.
It sounds like the adversary was filed on time, just before your discharge. What subsection under 523 did they object?
Most of the time it is either for recent usage (more than $600 charged in the 90 days before the case was filed) or else for false information on a financial statement (usually overstating income on the credit application).

Let me know which subsection and I can give you more information. Thanks
Customer: replied 7 years ago.
157 (b)(2)(I) actually, i did list the amount for the car under notes payable so the only thing i would have to prove that i dont have documentation for is the personal stuff.....everything else is accounted for. Is this common for creditors to do as a last ditch effort or do they have to have something to even file this summons
Expert:  Terry L. replied 7 years ago.
What is the subsection of 11 USC 523 I meant to ask.

157 just says bankruptcy judges can hear this argument. thanks
Customer: replied 7 years ago.

all subsections 1334 and 157 1408 and 1409, they are stating they relied upon the financial statement saying it was materially false in as much as it substantially overstated the net worth and the financial condition of the debtors,,,,they received 2 years tax returns and as I have said I have bank statements and CMAs to show the property value, the only thing I dont have is personal stuff appraised, but thought i was pretty accurate......this is scarey because I tried really hard to be accurate.......the company took the equipment back in great condition and still want the full lease value, they are not even subtracting the equipment value....i am baffled

Expert:  Terry L. replied 7 years ago.
Ok, so if your information accurately reflects what you put in the financial statements, you should be fine. You need to answer the complaint with that information. As always, you should contact/hire an attorney to defend this adversary. You can also negotiate a settlement with them too if it does turn out there was inaccurate information. Otherwise, they have the burden to prove that you put the false information in the statement, and that they materially relied on that information. Provide appraisals to confirm the value of the information if you can. That would help.
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