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Asset and No Assets in Ch.7

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    Asset and No Assets in Ch.7

    Can some one please tell me the difference between when judge declared discharged with assets vs. no assest in Ch.7?
    There is light at the end of the tunnel, you just have to walk toward it. K-11

    #2
    You may get a discharge but still have assets in your case that need to be liquidated
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

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      #3
      We were an asset case. We had to pay back a bunch and an inside payment. We were discharged long ago and are now waiting on a close. Two creditors attempted to be escalated to the top, we may have to wait for some time. The important thing is the discharge. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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        #4
        Originally posted by AngelinaCatHub View Post
        We were an asset case. We had to pay back a bunch and an inside payment. We were discharged long ago and are now waiting on a close. Two creditors attempted to be escalated to the top, we may have to wait for some time. The important thing is the discharge. 'Hub
        Did yours start as a No assest and then turned into one or was it with assests all along? Curious because I'm not sure if my tax refund (which was filed and received before filing bankrupt) will turn into an assest... It was $5000 so I'm thinking they will pay close attention to it but I'm nervous if they end up saying they want it on how much time I can repay it with. I spent it on necessities and have proof for all but maybe $300-400 of it.

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          #5
          Originally posted by MiSSMaGoo View Post
          Did yours start as a No assest and then turned into one or was it with assests all along? Curious because I'm not sure if my tax refund (which was filed and received before filing bankrupt) will turn into an assest... It was $5000 so I'm thinking they will pay close attention to it but I'm nervous if they end up saying they want it on how much time I can repay it with. I spent it on necessities and have proof for all but maybe $300-400 of it.
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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            #6
            Other than vehicles, real estate, cash, jewelry, and valuable antiques/art, are there other assets they might look into?
            27 May 09: File Ch7
            6 Jul 09: 341 Meeting, declared asset case, 341 continued
            6 Aug 09: Continued 341 meeting, came to settlement with TT
            6 Sept 09: Last Date for Creditor Objections

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