Filing of claims question

[southernbelle]

VERY STUPID QUESTION!!!

How do I know which creditors filed claims? Is there a place on PACER to check it? If my notice of 341 told my creditors not to file a proof of claim unless they receive a notice to do so (which might be the case because I have a little business equipment the Trustee might want), will my status on PACER change to asset, then the creditors will file claims?

Also, my atty. gave me a form which will allow me to offer to pay for the value of any assets I may want or contest the value assigned to others, if I am an asset case. I'm curious. Has anyone ever bought back only certain items from the Trustee? I thought it was all or nothing and you didn't get the opportunity to pick over items.

[JRScott]

I'm pretty sure you can choose what you want to buy back or not. However I can't answer the other part of your questions .

[FreshLikeADaisy]

Southernbelle, if your bk notices said not to file a claim unless advised to do so later, basically that means you were a no-asset case, and would remain so *unless* that no-asset designation was overturned by the trustee. At that point you would become an "asset" case, receive notification of same, and your creditors would be advised to file claims against your bk estate.

Being no-asset doesn't stop a creditor from entering an objection, it just means there's nothing left over after exempt property you may own for your creditors to divvy up. Also, keep in mind that in bk court, the creditor at the front of the line is the trustee: he always gets his first, and frequently he is the only one who gets anything. For instance, DivorceRuinedMe had her no asset case converted to an asset case over a ring the trustee thought had more value than it actually did. In the end, her case was reconverted to a no-asset (thank God!) but if it hadn't been, I think it's safe to say that her "asset" would have only been divided one way: the trustee would have gotten it all.

But from what you said, it sounds like you're no asset. Look for the "Determination of No Assets" entry on PACER in the next three weeks or so -- when that is entered, it means you'll stay no asset and never see claim number one from a creditor. Only if/when you are declared an asset case will you see creditor claims under PACER; I'm pretty sure they have to file the correct form and it gets entered into PACER just like any other filing in your case. Maybe if someone knows more specifically they can add to this. But in the meantime, good luck!!!

[FreshLikeADaisy]

P.S. I'm pretty sure you can elect to buy back only a specific item, as opposed to the whole bunch. I say that because so many buy-backs I have heard of are limited to vehicles. Then again, maybe the vehicle was all the filer had to surrender, so that's not the most definitive source. But those aren't the only ones I've heard of. Seems to me if you received a form that asks you to specifiy what you want back, that's a sign you could pick and choose.

This is something that could easily vary from region to region, now that I think about it... Sorry, I know that's not much of an answer. Maybe someone else could add more. Good luck!!!

[southernbelle]

Thank you so much for responding. I think my initial petition stated that I am no asset, but it could very well change because I had a state refund check I handed over at my 341 for $1500, but the equipment in storage is all used and not worth much. I'll take your advice and check PACER and hopefully something will be posted by week 3.

I guess the only reason why I was curious about the buyback is because my atty. warned me that any items not covered by exemptions (which in Louisiana is a lot) could potentially be up for grabs by the Trustee, but thank God I don't have anything new or expensive. Hopefully I won't have to buy back anything and she will see that the cumulative total value of the items I own aren't worth much. My atty. did mention that we could file something with the Trustee to ask for a waiver(?) since I still owe so much in taxes.

I think one of my free atty. consultations put it into my head that the Trustee wouldn't allow me to pick over items and only buy back the ones that have some value leaving the rest. My thinking on this is, would the Trustee care where the money came from as long as they receive it from my estate? My atty. has been pretty awesome so far, so I'll use the form he gave me as an indication that it might be possible.

Since I owe so much, you're right Fresh, the only person getting paid in my case might be the Trustee.

Fresh, you should be nominated (if there is such a thing) to become a Moderator?

[FreshLikeADaisy]

You're a sweetheart, Southernbelle. But to be honest, until I start working again I don't know how much of a commitment I would be able to keep to anything, so just coming and going as I please is probably the very best you all could get out of me for some time to come.

It's wonderful to just be of some use to people, and to turn my own tragedy to good in some way. That's what keeps me here, to be honest. I am entirely selfish. I'm glad I could help!!! Good luck to you!!!

[sunshine mary]

Southernbelle we will most likely be an asset case as unfortunately we have about 12K in unexempt items. My husband has a small business so it's a lot of equipment, etc....A lot of these things have small values there are just a lot of things...My attorney did say we can pick and choose what we want to buy back !! I was so shocked by this as there are a lot of items they would be doing US the favor of taking HAHAHA !!

[southernbelle]

Thanks guys. That really helps. Sunshine, that's the same situation I'm in right now. I'm kinda hoping the trustee takes most of the small business junk off my hands becasue I'm having to pay $120 per month to store it and I could use that money somewhere else.

I would like to keep my 20qt. mixer though. It's the only thing my good-for nothing ex gave me that I love, and if I ever decide to start baking again for some extra money, it'll be worth keeping it.

[FreshLikeADaisy]

Southernbelle, go get the mixer out of storage, if you haven't already, and plan on keeping it. If you own it outright and the trustee doesn't view it as an asset -- so far you're a no-asset case -- it's all yours.