If there was a math error on Schedule B which caused the Trustee to change a no asset to asset case, now what?

I filed Chapter 7 pro se. After the creditors meeting the trustee converted my case from a no asset case to an asset case. As it turned out, I accidentally listed a vehicle’s value at about $4000 more than it’s worth. I explained this to the trustee and then had it appraised at the trustee’s request. As a result of this error (on an attachment to Schedule B), it has caused mathematical errors on the Summary of Schedules, Schedule D, Schedule B and the attachment to Schedule B. Do I need to file amended schedules? As of yet it has not been converted back to a no asset case.

Asked on September 20, 2011 under Bankruptcy Law, Nevada

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Yes, of course you should file amended schedules if the schedules you filed under penalty of perjury are inaccurate.  You should also probably hire an attorney because you are quickly learning at least one reason why doing it yourself is really not a viable option in bankruptcy court.

However, even if you amend, if there is actually realizable equity in your vehicle beyond whatever exemptions you have under applicable law, then the Trustee can sell it and pay your creditors.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

Yes, of course you should file amended schedules if the schedules you filed under penalty of perjury are inaccurate.  You should also probably hire an attorney because you are quickly learning at least one reason why doing it yourself is really not a viable option in bankruptcy court.

However, even if you amend, if there is actually realizable equity in your vehicle beyond whatever exemptions you have under applicable law, then the Trustee can sell it and pay your creditors.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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