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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37972
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I filed bankruptcy and was giving a discharge. We are losing

Customer Question

I filed bankruptcy and was giving a discharge. We are losing the house. I reported two assets and zero cash stocks iras ect. I got informed that my work semi which i reported the trustee wants 7500.00 for me to keep. How is this not exempt? it's my only source of income and will make me not only homeless but jobless as well. The value of this truck 2000 freightliner with a million miles is 10k or less...my attorney won't even return my phone calls. he just has his assistant email me to pay it or lose it. I have no money and have exhausted all family members of loans.. How can they take my job away too?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

There is no special bankruptcy provision for your business vehicle in Chapter 7. You are entitled to allocate your exemptions so as to protect as much property as you can. And, although you can combine your available exemptions on a single asset, depending upon the choices made when you filed the petition, you may have only exempted a portion of your business vehicle. To the extent that the vehicle is nonexempt, the trustee can have it sold to pay your creditors.

 

You could conceivably ask the court to permit you to amend your original petition, but the trustee would almost certainly claim that this prejudices your creditors, and your request would be denied, because as you have already had the discharge, your creditors have relied on the petition in the distribution of whatever assets you had at the commencement of the case.

 

Your attorney may have committed malpractice, if the choices made re your exemptions were unreasonable. But, that doesn't change the trustee's rights. You would have to sue your lawyer.

 

For a malpractice lawyer referral, see: http://www.abanet.org/legalservices/lris/directory/main.cfm?id=MI and www.martindale.com.

 

Hope this helps.

 

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