How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2500
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

Me and my husband hired a bankruptcy attorney and have filed chapter 7. We have had the me

Resolved Question:

Me and my husband hired a bankruptcy attorney and have filed chapter 7. We have had the meeting of creditors. Recently, however, we received a Notice of Need to File Proof of Claim Due to Recovery of Assets. Having no clue what this was, we contacted our attorney. They said that the Trustee had found assets in our vehicle. As part of the bankruptcy, the vehicle was reaffirmed and approved by the creditor and the court. The vehicle will be paid off in February 2012. The Trustee says there is $18k plus in assets. From the very beginning of this bankruptcy we have provided ALL information needed to our attorney and I do not understand how they could have 'missed' this. Surely they being in this specialty of law should have known this would have been looked at as an asset. We had no idea - that's why we hired them!! Shouldn't the attorney have known this and taken all this into account when putting this case together????
Submitted: 2 years ago via Nolo Press.
Category: Bankruptcy Law
Expert:  Terry L. replied 2 years ago.
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Yes, the attorney should have recognized the vehicle as an asset if the information you gave was accurate - yr, make, model, mileage, and loan balance.

The attorney may be able to use a vehicle exemption, as well as a wildcard if available. Discuss the availability with your attorney.

If you were not informed that the vehicle had the possibility of liquidation, then you might have a claim against the lawyer. Discuss the matter with them first, then if you don't get a satisfactory answer, you can talk to another attorney about a malpractice claim.

As for the car - you may be able to refiance the loan to pay the trustee - and just have a car note again. This will prevent the liquidation.

Thanks for your question, good luck.
Customer: replied 2 years ago.

Our attorney said that we may not have to liduidate the vehicle but may be able to get the Trustee to reduce the value he claims it is worth. We may have to take it to a mechanic to have it assessed to try to get the value reduced. Whatever the outcome we would probably just have to make payments to the court for whatever value it is determined to be worth.

 

I'm just upset because I feel there was negligence on our attorneys part and we shouldn't be in this situation with the vehicle at this point. Everything about the vehicle was disclosed from the very beginning. We have done our part. I just feel we may have been able to avoid this in some way had we been made aware of this situation happening.

 

What is a vehicle exemption and a wildcard??

 

Before I return to my attorney to discuss I would like to be as knowledgeable about all this as possible so I do not feel taken advantage of. We have not been extremely happy with this attorney but felt like we were already in the process and didn't know we could even possibly change in the midst of this case.

 

 

Expert:  Terry L. replied 2 years ago.
http://www.bankruptcyinformation.com/AL_exemp.htm these are the available bankruptcy exemptions used to protect your various assets. Look at schedule C of your petition to see which ones were used. Definitely get an appraisal to determine the true value of the car. You can then negotiate a repayment with the trustee to avoid liquidation if there is equity that the trustee can get. It is unfortunate that your attorney did not discuss the equity issue with you. You need to discuss the matter with the attorney, maybe they will assist.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2500
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 2 other Bankruptcy Law Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
< Last | Next >
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    3203
    Bankruptcy Lawyer. Experienced.
  • http://ww2.justanswer.com/uploads/TL/tleeders/2012-6-13_204815_TSL1.64x64.jpg Terry L.'s Avatar

    Terry L.

    Attorney

    Satisfied Customers:

    2204
    Better Business Bur 15yrs bankruptcy experience. Chicago Bar
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    950
    B.A.; M.B.A.; J.D.
  • http://ww2.justanswer.com/uploads/CO/cortrightlaw/2011-12-5_4117_Kevin.64x64.JPG cortrightlaw's Avatar

    cortrightlaw

    Attorney

    Satisfied Customers:

    490
    Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
  • http://ww2.justanswer.com/uploads/Jay1968/2006-12-03_004423_JoeRossPhoto.jpg JoeLawyer's Avatar

    JoeLawyer

    Attorney

    Satisfied Customers:

    376
    Attorney in the practice of Bankruptcy Law since 1996
  • http://ww2.justanswer.com/uploads/DY/Dylatess/2012-9-11_1968_BHBTemplePhoto.64x64.jpg dylatess's Avatar

    dylatess

    Attorney

    Satisfied Customers:

    370
    35 plus years of experience specializing in bankruptcy law
  • http://ww2.justanswer.com/uploads/US/USLawAnswers/2012-9-20_23143_20090105211638Headshot3b.64x64.jpg Brent Blanchard's Avatar

    Brent Blanchard

    Bankruptcy Attorney

    Satisfied Customers:

    315
    Twelve years experience in all aspects of debtor & creditor BK.