Recovery of Assets letter - we don't have assets!

[fzeed]

We received our chapter 7 discharge in dec. We kept our house and 1 car. We also transferred some land about a year before we even filed. Today i received a "Notice to file proof of claim due to recovery of assets" letter. What assets could they be talking about? If they took the land we transferred wouldnt we be notified? Could the letter be due to the repo of the car and 2 motorcycles? If they were planning on taking something from us, wouldnt they notifiy us?

Please help!!!!!

[67caprice427]

I'm thinking that that letter is notice to your creditors that the the vehicle(s) were probably sold at auction, and the funds are being held in escrow until they file their claims. You receive a copy as a legal notice that's part of your bk. When I did my ch7, I was initially no asset, but I was ridiculously thorough in my inventory and had a LOT of stuff ( which got me in bk in the first place :-( and the tt determined that I did have assets and I got that same letter, although we did a deal and I "bought" everything back so nothing was turned in or repo'd. Hope this helps, but I'm no expert.......

[AngelinaCatHub]

I'm thinking that that letter is notice to your creditors that the the vehicle(s) were probably sold at auction, and the funds are being held in escrow until they file their claims. You receive a copy as a legal notice that's part of your bk. When I did my ch7, I was initially no asset, but I was ridiculously thorough in my inventory and had a LOT of stuff ( which got me in bk in the first place :-( and the tt determined that I did have assets and I got that same letter, although we did a deal and I "bought" everything back so nothing was turned in or repo'd. Hope this helps, but I'm no expert.......

I had the same thing happen and was made an asset case. I too purchased my own stuff back. He rounded it down, I paid no interest for 12 months and I owned my own stuff. The letter told my creditors he had $5400 to pay out. Mostly to IRS.

What I don't understand, this was LONG before I was discharged. I cannot see them going back as an asset when they are discharged? 'Hub

[fzeed]

We discharged in Dec. Can they still try and sell our TV, fridge, computer etc.? If our car and bikes were sold, doesn't that money go to the actual bank that held the note or does it go to an escrow and they have to file to get it? Can they try and force us into a 13? (we barely skated in as a 7). I called my lawyer and he has no idea what the "assets" are that they are claiming they recovered.

[whipster1]

Call the trustee and ask them. They should have a list of the assets they are talking about.

[want2save]

my 60 days are up Sept 18th. The creditors have until Oct 23, 2009 to file claims as I am an asset case. My attorney says I will receive my discharge after the 60 days are up, that the sale of assets and claims of creditors are between the TT and the creditors. The case will discharge but not close until that is finalized. I'm in OR.

[banca rotta]

We received our chapter 7 discharge in dec. We kept our house and 1 car. We also transferred some land about a year before we even filed. Today i received a "Notice to file proof of claim due to recovery of assets" letter. What assets could they be talking about? If they took the land we transferred wouldnt we be notified? Could the letter be due to the repo of the car and 2 motorcycles? If they were planning on taking something from us, wouldnt they notifiy us?

Please help!!!!!

Was this land worth a substantial amount of money? I thought the look back period of transferring assets was 2 years or 6 if they smell fraud. It's one thing to sell assets and spend the money you received but did you do an actual transfer where you "gave" this land to someone?

[AngelinaCatHub]

my 60 days are up Sept 18th. The creditors have until Oct 23, 2009 to file claims as I am an asset case. My attorney says I will receive my discharge after the 60 days are up, that the sale of assets and claims of creditors are between the TT and the creditors. The case will discharge but not close until that is finalized. I'm in OR.

No I believe that is in error. With an asset case they give them 90 days. We were an asset case and we purchased our own property back. After the 90 day we still did not discharge until all our billing was done. The Trustee gave us a payment plan of 12 equal payments no interest. We also had to pay back an insider payment. Then we got our discharge. The monies he got from us went towards his expenses and his attorney's expenses in a 2004 hearing. Then what is left has to be distributed which will only be the IRS as a priority debt. To date that has not been done and although discharged 8/13/08 we are still waiting to close. I emailed the Trustee office to nicely ask when could we expect to get closed. No answer to date. 'Hub

[want2save]

Thinking about it, the attorney said the assets would not hold up the discharge. The 60 days was my own :-) Oct 23rd IS 90 days from the 341, the deadlineto file claims. We have no tax refund, and no payments on our van as I paid in full already to avoid that.So, I am hoping for the discharge and then will pray the closing will not be held up forever waiting for the auction of the vehicles. My main interest is the 60 days passing with no objections. So far so good and we have 4 days to go...............