top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Has anyone had any US Trustee/Creditor Obj after Trustee has filed to be released

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Has anyone had any US Trustee/Creditor Obj after Trustee has filed to be released

    We had our 341 yesterday...was very anti-climatic after the months of stress and nightmares....and once the trustee found out I'd been laid off from the mortgage business, there were no more questions...just wondering if anyone has had the US Trustee or Creditor Objections show up even if the trustee files the following on PACER???
    Full docket text:
    Chapter 7 Trustee's Report of No Distribution: I, XXXXXX, having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Section 341 Meeting held on 7/2/2009. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 1 months. Assets Abandoned: $ 278297.43, Assets Exempt: Not Available, Claims Scheduled: $ 354794.00, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment: $ 354794.00. (XXXXXXX)=
    Ch 7 Filed: 5/27
    341 Concluded: 7/2
    Now the 60 day countdown starts!!
    NOW....am I gonna get this darn job? I DID!!!

    #2
    if you haven't heard anything from the UST by now, it's extremely unlikely they would get involved. i think in most stories on this forum that involve the UST, the person heard from them before the 341.

    also, if no creditor said anything so far, it's extremely unlikely they would do anything more.

    so, both are possible for 60 days but extremely unlikely. take a deep breath and wait for labor day!
    filed ch7 May 09
    341 june 09
    discharged, closed Aug 09

    Comment


      #3
      It sound pretty much over for you. Wait it out and the procedure will be non eventful. You got your new start for all practical purposes. Grats. '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.

      Comment


        #4
        can someone explain what it means that no assets are exempt but such a large amount of assets are "abandoned"? why does the trustee not take these assets and sell them rather than abandon them? i am very confused!
        filed ch7 May 09
        341 june 09
        discharged, closed Aug 09

        Comment


          #5
          the assets that were abandoned in our case include our home and 1 vehicle...we have no equity in either....we also have about 45K in IRA/401K that was exempt...we are in TX, so from what I understand, there is alot that is allowed in our state...

          Thanks for the feedback...Hub- You're always so helpful and positive!!!
          Ch 7 Filed: 5/27
          341 Concluded: 7/2
          Now the 60 day countdown starts!!
          NOW....am I gonna get this darn job? I DID!!!

          Comment


            #6
            Mine was the same as yours. I got that notice on Pacer and I thought I was home free. Turns out the UST has 10 business days after the 341 to object and for us he did. After weeks of back and forth with him he finally decided on Wednesday of this week to withdraw himself and let our case go through as planned. Mine had more to do with my lawyer filling my paperwork out wrong though than anything else. He used the wrong numbers which made it look like we had tons of money leftover At least we are almost done now though!
            4/09 Converted to a Ch 7 due to loss in dh's income
            5/09 UST now involved no idea what happens next
            7/09 UST has decided to withdraw his motion to dismiss!
            7/27/09 DISCHARGED!!!

            Comment


              #7
              Originally posted by music12 View Post
              can someone explain what it means that no assets are exempt but such a large amount of assets are "abandoned"? why does the trustee not take these assets and sell them rather than abandon them? i am very confused!
              The secured assets you can keep after filing Ch 7 are based on your state's bankruptcy exemptions. If the secured asset can't be protected in full by the exemptions or if the filer doesn't want to keep the secured asset because it's worth far less than is owed on it, then the asset can be surrendered (returned to the lender) as a part of the Ch 7 and the remaining loan amount wiped out at discharge.

              The reason the trustee can't sell every secured asset that is surrendered is because the original lender legally owns the asset until the loan is paid in full. The only secured asset a trustee can freely sell is one that is owned by the filer (not a lender) when their Ch 7 is filed and cannot be protected by state bk exemptions.
              I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

              06/01/06 - Filed Ch 13
              06/28/06 - 341 Meeting
              07/18/06 - Confirmation Hearing - not confirmed, 3 objections
              10/05/06 - Hearing to resolve 2 trustee objections
              01/24/07 - Judge dismisses mortgage company objection
              09/27/07 - Confirmed at last!
              06/10/11 - Trustee confirms all payments made
              08/10/11 - DISCHARGED !

              10/02/11 - CASE CLOSED
              Countdown: 60 months paid, 0 months to go

              Comment


                #8
                i think i get it now, thank you lrprn.

                another related question is: what happens if a filer has unsecured assets, like say cash in a bank account that's over the exemption amount. can the trustee abandon that?
                filed ch7 May 09
                341 june 09
                discharged, closed Aug 09

                Comment

                bottom Ad Widget

                Collapse
                Working...
                X