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Ask Terry L. Your Own Question
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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The Adversary sheet came from the USTP, we are still awaiting

Resolved Question:

The Adversary sheet came from the USTP, we are still awaiting any kind of motion fro the trustee regarding monies to be retuned for the timeshare. My question is if we file the motion to waive discharge prior to receiving anything from the trustee will I be waiving my rights to fight whatever the trustees asks for? This revocation is so wrong , but can I fight it without an attorney becaise I can't afford the $10+$15000 he says it will cost and then still no gauranrees.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

A motion to waive discharge really does not impact the trustee's ability to liquidate assets.

Terry L. :

The trustee can liquidate any unexempt assets, which can include non-listed assets.

Terry L. :

So, waiving the discharge doesn't change the fact that the assets can be liquidated.

Terry L. :

The only options you would have to prevent liquidation, is a motion to convert to chapter 13 (if you can afford to repay enough debts to protect those unexempt assets) or you can purchase the assets from the bankruptcy trustee - using exempt funds (like from a family member, or from a 401k withdrawal).

Terry L. :

Let me know if you have any questions.

Customer:

My Ch 7 is being revoked because I forgot to list a time share as an asset. The motion to revoke the Ch 7 was done 364 days after the closing of the original Ch 7. Can I file a motion to convert to a ch 13 now or do I have to waive the Ch 7 first?

Customer:

Thanks...

Terry L. :

I would suggest talking to the trustee. Perhaps they would be willing to withdraw the motion to revoke the case if your motion to convert is granted with the court. A motion to waive discharge is a motion which says - no harm no foul basically, you are agreeing to waive the discharge which mitigates the negative impact of the revocation.

Terry L. :

Motion to convert is basically a 3rd option to the 2 - revocation and waiver of discharge.

Terry L. :

I really haven't seen a waiver of discharge in my 13 years of practice, so it is rare. The conversion is a better option (if affordable) since it lets you get a discharge at the end of the case. \

Terry L. :

Try talking to the trustee to see what they say, then bring the motion that you feel is best for you. You can request either waiver or conversion as alternate forms of relief to see which the judge thinks would be best for you. Conversion, and if that is denied, then waiver of discharge? May be worth the shot if you don't/can't fight the revocaction.

Terry L. :

good luck

Terry L. :

please click accept so that I can get credit for answering. Thank you and good luck!

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