Closing vs. Discharge ?

[leelee]

Why do some people have a phenomenally long closing date, when they've received their discharge months and months ago. ? ? ? ?

[BKOnce]

Possibly late creditor objections, investigations, unprocessed final payments, wrong payments, account adjustment, refunds, creditor correspondent/responses, etc.... or else??

[jal1129]

I think they are also sometimes an asset chapter 7 and they have to wait for the sale and distribution of the assets before the bk can close.

[HHM]

When there is an asset case, the trustee needs to administer all the claims of the creditors, liquidate non-exempt assets (usually waiting for the debtor's tax refund), etc.

Read this FAQ http://www.bankruptcyforum.com/showthread.php?t=10879 thread for a more detailed explanation.

[SinkingFast]

We had Yo-Yo taxes when we filed BK. Big refund in '04. Paid big time in '05. The Trustee wanted to see what a normal year looked like. So we won't close until after the Trustee sees our income tax returns for '06.

Other people have to wait for a house to sell in Foreclosure. There may be proceeds the Trustee can go after "for the benefit of the Filer's Creditors."

Lots of reasons why BK's are held open. Probably the single largest factor is income tax returns.

[CATCHMEIFYOUCAN]

Well crap, he surely ain't gonna see any tax refund from me. Since I'll owe $4000 in Federal and $200 to STATE. So he might as well CLOSE my case, even though I've been discharged. AND I'm still paying on my car loan, I was planning on paying my taxes right off, but I guess I'll submit one of those payment plans, so the Trustee isn't questioning how I got my taxes paid off right away. Hmmm ..

Best Wishes, Catchmeifyoucan

Discharge feels great but not when the Trustee thinks you have assets ! NOT !