Lone Star Bankruptcy Case on Hold

Written by CFB Blogger. Posted in Blog

A federal bankruptcy judge has recently agreed to delay a hearing as to whether Big State Remodeling owner Randolph “Randy” Lee Reid will be allowed to keep his home and several vehicles from being sold to recover money for creditors in his Chapter 7 bankruptcy case. Big State Remodeling Ltd. and Reid had filed separate Chapter 7 bankruptcies in January; each listing over $3 million in liabilities and $1.3 million to $1.8 million in assets. According to an article in the Amarillo Globe-News by Karen Smith Welch, dozens of the remodeling company’s clients claim that they had paid deposits for work that was never or only partly completed. The recent hearing focused on the bankruptcy trustee’s objections to property that Reid claims is exempt from seizure under Texas law. The trustee informed the judge that he plans on scheduling additional depositions to get more details from Reid regarding his exemption claims. Texas state law allows people who file for bankruptcy in that state to keep their primary residence; Reid had claimed a home in Randall County, located in south central part of the Texas Panhandle, but later testified that he lives in Dallas. Reid also claims that Texas bankruptcy laws prevent the seizure of certain personal property; he is hoping to keep a motorcycle and four fairly new vehicles for his family of four. The trustee avers that the vehicles exceed the dollar cap Texas law places on exempt personal property and Reid is claiming exemptions for vehicles for adult children who are not his legal dependents. The trustee also alleges that Reid intentionally ‘low-balled’ the market value of vehicles in his bankruptcy filings. The attorneys at Client First Bankruptcy will be happy to discuss your questions about filing your Chapter 7 or Chapter 13 bankruptcy. If you have insurmountable debt due to the difficult economy, unemployment or overwhelming medical debt, take control of your future. For experienced and knowledgeable personal bankruptcy assistance, trust the attorneys from Client First Bankruptcy; we have helped thousands of satisfied clients discharge their overwhelming and debilitating debt. For your free initial consultation, please call 800-383-6004 from 8:30 a.m. to 6:00 p.m. Central Time and log onto our new, interactive website at www.clientfirstbankruptcy.com anytime.