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Hi and thank you for your question. In the future, you can request me to answer any further questions.
What is the reason you are paying the trustee?
Are you buying out equity in an asset so that you can keep it?
if so, you can always give the asset to the trustee to liquidate
Generally, the debts are discharged, and can receive a dividend from the trustee if there is an asset.
let me know some more details and I can clarify my answer for you.
I am paying the trustee buying back the assets to keep them. My only car he valued at $7K and he said we are only entittled to a $2K auto asset. There were assets of all my furniture and household appliances which he valued at 10K. So for all the assets he wanted $6K. He had someone audit everything in my house to arrive at this asset value.
Therefore, it is reasonable to enter into a repayment offer for cash, it does save the trustee time and money from liquidating.
You may want to consider putting a lien on the car, by motion, a 3rd party company, such as 722redemption.com can loan you the payoff money to give the trustee, and then you'll have a payment plan with them, which might be less than the trustee wants each month
otherwise, the trustee does not have to let you make payments, they can liquidate the assets to pay off the amount unfortunately.
it sounds like the trustee is being a hardball.
Last resort is to either convert to chapter 13, so you can keep the assets, and then repay the debt over 3-5 years, or else bring a motion in the court to allow a payment plan based on your current budget.
these last 2 are harder, but they can be available.
So the question remains can he reverse the bankruptcy? The bankruptcy was discharged in June 2010. Do you know of any of these 722 Redemption companies in Florida or how to contact them
that is a national company.
If you fail to turn over the assets or money, he can bring a motion to reopen, can request revocation too.
Usually, the court will order him to liquidate, but it depends on the judge.
talk to the trustee, perhaps he'll let you take a loan against the vehicle.
Appreciate the info. Thanks you were helpful
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