Curious... SinkingFast?

[annamollie]

The last day for objections on my Ch 7 case will be this coming Monday, the 18th. After I close, will that be it? Am I done? SinkingFast had posted something somewhere about a six month waiting period (possibly from filing day), but I can't remember what that was about and I'm having trouble finding the post. Just wondering if everything will be done after I close. Thanks.

[CATCHMEIFYOUCAN]

You won't actually CLOSE, you should see something like this:

Filed & Entered: 01/26/2007
Discharge of Debtor(s)
Filed: 01/28/2007
Entered: 01/29/2007
BNC Certificate of Mailing of Discharge of Debtor(s)
Filed & Entered: 03/26/2007
Trustee Report of No Distribution

I'm waiting for the actual CLOSING of my case, waiting and waiting and waiting. They say its just an administrative detail. But I NEED TO SEE IT, to really feel I'm free and clear! (So I can hit the lotto!) heh heh heh

Best of Luck and CONGRADULATIONS for ALMOST making it there! COUNTDOWN !

Funny thing is when I filed BK in my early 20's I was only concerned about the actual DISCHARGE, I never watched it as I watch this case. I never even knew back than we could access our cases On Line THAN!

Catchmeifyoucan

[BKTango]

Closing can take as little as the day of the last day of objections or as long as a year after discharge. That depends on if you are a non-asset or asset chapter 7. If you are a non-asset case most of those close shortly after the last DOO, in some states and districts they can close on the same day you are discharged. If you are an asset case it usually takes awhile to close. The closing part is more of the administrative part of your case. The 180 days (6 months) is usually the waiting period for you to come into money, inheritance, lotto winnings etc. but that starts the day you file not the day you are discharged. Good luck.

[familyof7]

If I close and discharge on the same day but it is before 6 months am I subject to be reopened if say I win the lottery the day after close or after it closes it that it what about after 6 months if I win the lottery or anything where I come into unexpected money? So maybe I close and discharge after 4 months are they still watching me for 2 months after closing>?

[BKTango]

Technically speaking I believe you can be audited from the bk court up to a year after you have filed. Never seen it done but it's out there. Legally speaking, yes if you were to have your case discharged in 3-4 months (the usual time) and say a month after your discharge you win some money in the lotto or someone passes away and leaves you some money or a home or something....the trustee can actually sieze it to pay off your creditors. Doesn't matter if you had been discharged and closed or just discharged, legally you are supposed to report it.

http://www.nolo.com/product.cfm/Obje...Chapter/3/213/

"Once you receive your bankruptcy discharge, you are free to resume your economic life without reporting your activities to the bankruptcy court -- unless you receive (or become eligible to receive) an inheritance, insurance proceeds, or proceeds from a divorce settlement within 180 days after your filing date. In that case, you have a duty to report those assets to the trustee. If you don't, and they are discovered, the trustee (and the court, if necessary) can order you to turn over the assets and your discharge can be revoked."

[familyof7]

so we only have to report it if it is 180 day from file date not the 1 yr?

[BKTango]

Yes, you are supposed to report it if it falls into 180 days from the date your petition was filed otherwise you risk having your discharge revoked if they find out. After that anything is fair game I would say.

[demismom]

Okay - not to beat a dead horse here, but we buy and sell antiques and collectibles. We have the opportunity to buy some items VERY reasonably and make quite a tidy little profit. We haven't done it yet because we didn't want those items in our inventory. Since we've filed, can we do it now? Or should we wait until discharge? Or should we wait until discharge AND closing? The items shouldn't be going anywhere, but you never know, it's hard to see $$$$ just sitting there and you can't do anything about it.

We're talking around $5000, could be as much as $7500, depending on what we could sell them for.

[SinkingFast]

Okay - not to beat a dead horse here, but we buy and sell antiques and collectibles. We have the opportunity to buy some items VERY reasonably and make quite a tidy little profit. We haven't done it yet because we didn't want those items in our inventory. Since we've filed, can we do it now? Or should we wait until discharge? Or should we wait until discharge AND closing? The items shouldn't be going anywhere, but you never know, it's hard to see $$$$ just sitting there and you can't do anything about it.

We're talking around $5000, could be as much as $7500, depending on what we could sell them for.

I'd say, if trading antiques and collectibles is something you've declared income from in the past, then it would be "normal course of business" for you. The Trustee already knows you do this and the income is variable.

If it's something you do on the side for extra cash, you might wanna wait.

Not sure that's technically or legally right, so as usual,....... Ask your attny to be sure.

[demismom]

SF - well, yes it is in the normal course of our income, has been for 15 years now, so while it wouldn't look "unusual", I didn't want to all of a sudden have an "asset" that could be liquidated. I'd rather use that money to do our sewer, trees and roof. LOL We're a sole proprietorship, which means what is the business is ours and what is ours is the business.

Our attorney told us to wait (this was BEFORE we filed), I guess I could call and ask if it would be alright now. Just wondering what anyone else thought on this subject.

[familyof7]

If it is after you file and in the normal course of business then it should be okay. My husband is also self employed he makes 10 to 20 thousand per year but it is not a weekly pay thing we might make 8000.00 in one month and nothing else really for the next 4 months so the day we filed we had nothing but a month later we made 7000.00 dollars but 5000.00 were countable business expenses so we really made 2000.00 but all in one week but again we did not make anything else for a whole month so far but whe used last years taxes to prove income and divide by 12 to be way under the means test so if it is normal course of business I would think that is okay it is not a lottery winning inheritance or insurance or divorce settelment so ask your attorney first of course but I think it should be fine.

[banned2]

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