How Much Can The Trustee Want?

[nightmare]

What is the name of your state? WASHINGTON, CHAPTER 7, ORIGINALLY FILED WITH $32,000 OWED.JOINT PROPERTY INVOLVED(A HOME). TRUSTEE MAILS CREDITORS SAYING ASSETS WERE FOUND AND GAVE THEM TIME TO FILE A CLAIM.MEANWHILE NOTIFIES ME SAYING HE WILL ACCEPT $35,000 CASH NOT TO SELL THE HOUSE. WE WAIT UNTILL THE RESPONSE DATE EXPIRED AND ONLY 1 CREDITOR RESPONDED,$1300. NOTIFY TRUSTEE THAT WE WANT TO SETTLE AND MAKE HIM AWARE THERE WAS ONLY 1 RESPONSE. HE SAYS HE CAN EXTEND THE RESPONSE DATE(WHICH WAS OVER 1 MONTH AGO) BUT IS WILLING TO LISTEN TO AN OFFER. I SAY $1500, WHY SHOULD IT BE MORE? I HAVE A LAWYER AND WHEN I ASK HE SAYS HE DON'T KNOW, WE MAY HAVE TO SEE A JUDGE. I JUST WANT TO GET ON WITH MY LIFE AND GET SOME IDEA OF HOW MUCH MONEY I MAY NEED, $1500 OR $35,000. IN THE BEGINING I ONLY OWED $32,000. THE OTHER CREDITORS FAILED TO RESPOND IN THE PRESCRIBED AMOUNT OF TIME SO WHY AREN'T THEY SOL? DOES THE TRUSTEE HAVE THIS KIND OF AUTHORITY? SEEMS LIKE ONLY 1 RESPONSE, ONLY ONE CREDITOR CARES ENOUGH ABOUT HIS MONEY TO REPLY. I AM SO CONFUSED AND MY LAWYER SAYS HE DON'T KNOW! SHOULD I FIRE HIM OR WHAT? I CAN'T IMAGINE GETTING ANOTHER AT THIS STAGE. HELP!

 

[sdo1]

Fire him yesterday!!!!!!!!!!!!!

Before you do that, revisit this with your attorney. This is a very basic question you are asking and your attorney should know the answer.

I have a feeling your attorney is answering a different question and there is some kind of misscommunication.

 

[JETX]

Why are you SHOUTING??

 

[Ladynred]

Yes.. I don't get it either. What does the Trustee want 35,000 FOR ??? Assuming you have a lot of non-exempt EQUITY in your house that would explain what the Trustee is asking for 35K for. The homestead exemption in WA is as follows:

The homestead exemption amount generally may not exceed the lesser of (1) the total net value of the lands, mobile home, improvements, and other personal property, as described in RCW 6.13.010, or (2) the sum of $40,000.00 in the case of lands, mobile home, and improvements, or the sum of fifteen thousand dollars ($15,000.00) in the case of other personal property described in RCW 6.13.010.

Did you file with WA exemptions or FEDERAL exemptions ???? How MUCH equity in your home ??? What is the 32K debt you mentioned ?? Is that on the HOUSE ?

The 1 creditor that filed a claim gets the full amount - $1,500. The Trustee, if he sells your house or if you buy him out at 35K, will ONLY pay off the creditor that made the claim, the Trustee gets a percentage, YOU get your exemption amount AND whatever is left -- but you lose the house.