Chapter 7 Bankruptcy: What Every Consumer Needs to Know
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1 Comment for Chapter 7 Bankruptcy: What Every Consumer Needs to Know
  1. My husband converted his ch. 13 case to a 7 when he was no longer able to pay on his ch. 13 case after a surgery that left him on short term disability, since he converted his case to a no-asset ch 7 the trustee changed it to an asset case because he had $1500.00 of equity on a motorcycle. The case was to be discharged july 26th and the trustee is keeping it open and has recently taken the motorcycle to sell at an auction. My question is this, the auctioneer stated he did not think the motorcycle will sell for more than the $3000.00 my husband is owed for it is his one exempt item allowed and the only property he owns what will happen if the bime does not sell at the auction for at least the $3000.00? Can my husband object to the trustee taking the motorcycle at this point in the case? It dies not seem the trustee will make any profit from this sell. Only 2 creditors filed a claim which is $2500.00 just for their claims… not to mention the trustee will want some fees of his paid. There is only $1500.00 in equity?