Found this on PACER today... What does this all mean?

[debtmonster]

The items marked in bold are personal to my case and were slightly altered or masked for my privacy reasons.

What does this all mean?

Meeting of Creditors Held and Concluded. Chapter 7 Trustee's Report of No Distribution: I, (TRUSTEE'S NAME), 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 the account of this estate; that I have made 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. 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: $107222.00, Assets Exempt: $2712.00, Claims Scheduled: $315402.73, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment: $315402.73. (trustee's name) (Entered: 08/30/2009)

Then this came on the next line on the same date:


The information required by 11 U.S.C. Sec. 521(a)(1) as provided by the debtor(s) in this case is complete to the satisfaction of the trustee. No creditor or other party in interest has filed a request for an order of dismissal pursuant to 11 U.S.C. Sec. 521(i)(2) and the trustee does not believe that this case is subject to automatic dismissal pursuant to 11 U.S.C. Sec. 521(i). (trustee's name) (Entered: 08/30/2009)

What does "the trustee does not believe that this case is subject to automatic dismissal" mean? Am I in the clear?

What do you guys all think about this?

It cost me $.16 cents to get this information from PACER.

[bkmaggster]

The items marked in bold are personal to my case and were slightly altered or masked for my privacy reasons.

What does this all mean?

Meeting of Creditors Held and Concluded. Chapter 7 Trustee's Report of No Distribution: I, (TRUSTEE'S NAME), 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 the account of this estate; that I have made 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. 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: $107222.00, Assets Exempt: $2712.00, Claims Scheduled: $315402.73, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment: $315402.73. (trustee's name) (Entered: 08/30/2009)

Then this came on the next line on the same date:


The information required by 11 U.S.C. Sec. 521(a)(1) as provided by the debtor(s) in this case is complete to the satisfaction of the trustee. No creditor or other party in interest has filed a request for an order of dismissal pursuant to 11 U.S.C. Sec. 521(i)(2) and the trustee does not believe that this case is subject to automatic dismissal pursuant to 11 U.S.C. Sec. 521(i). (trustee's name) (Entered: 08/30/2009)

What does "the trustee does not believe that this case is subject to automatic dismissal" mean? Am I in the clear?

What do you guys all think about this?

It cost me $.16 cents to get this information from PACER.

This is good stuff. You're in the clear!

[justbroke]

It means that you are done with the Trustee! A No Asset Case! All you need to do now, is wait the requisite 60 days, and then your discharge will follow.

You are squarely in the 60-day club!

Since the Trustee's No Distribution Report is done, your District may actually have the wonderful "automatic discharge and close" feature. This means, that on or about October 27, 2009, your case should automatically discharge and close. If not, just pester the Clerk to discharge the case since the Trustee report is already there. (It's usually the Trustee Report of No Distribution that holds the discharge.)

[AngelinaCat]

Congratulations DM! Welcome to the 60 Day Club. We will be looking forward to providing you your Victory Dance at the end of October!

[justplaintired]

Welcome to the 60 day club. I asked the same question when the trustee posted this on Pacer. Congrats!

[debtmonster]

They have an automatic discharge for some people? That's COOL!!!!

So do I just keep checking PACER to find out about any discharge status?

What happens if Rooms to Go comes looking for the furniture or Nautilus wants the Bowflex back? Will the $10,000 in exemptions keep them from taking anything since we only had less than $3,000 worth of stuff?

[justbroke]

They have an automatic discharge for some people? That's COOL!!!!

Yes! (At least the more... organized Districts do.)

So do I just keep checking PACER to find out about any discharge status?

Wait until October 27th before frantically checking PACER every day. LOL

What happens if Rooms to Go comes looking for the furniture or Nautilus wants the Bowflex back? Will the $10,000 in exemptions keep them from taking anything since we only had less than $3,000 worth of stuff?

Well, then they do. The only way the exemptions will do that is if you filed a Motion to Avoid Lien! When an lien "impairs" your exemption, then you (or via your attorney) file a Motion to Avoid Lien to remove the lien to the extent it impairs the exemption (under 11 USC 522). Without that, the lien sticks.

Unless medically necessary, i would venture to guess that a BowFlex machine is not a household item or a "professionally prescribe health aid" so the avoidance of that lien is probably impossible.

That part of the Bankruptcy code (11 USC 522(f)) actually doesn't protect you from purchase-money security interests (PMSI) on property. Meaning the automatic lien placed on your purchase of furniture, that was issued from the furniture store, can't be avoided.

In practice, just ignoring the likes of Best Buy, Home Depot, Lowe's, Rooms to Go and others... makes the repossession activity cease. However you must be prepared to turn those items over, should they go so far as to get a Writ of Replevin issued by the State Courts.

(Justbroke's Study Guide: most furniture and electronic stores -- as well as the likes of Lowe's and Home Depot -- have a purchase-money security interest (MPSI) in all items purchased with their credit cards/accounts. These automatic liens (known as PMSI liens) cannot be avoided via 11 USC 522(f) because they are purchase money liens. In contrast, if you obtain a collateral (installment) loan from the likes of CitiFinancial, Beneficial and the likes, where you pledged your home furnishings and other goods as collateral, those can be avoided. The reason is, that they are non-purchase money loans... meaning you didn't use the proceeds of the loan, to actually purchase the collateral.)

[debtmonster]

What happens when you make a purchase and used like 3 credit cards to buy it and Best Buy was one of those credit cards? That means that 3 different creditors have interest in the said property, not just Best Buy. By the court awarding Best Buy the ability to take something back would be like a preferential payment or award.

The thing is, the BowFlex is not really in my possession right now. It's 350 miles away sitting in a house that could have a lock put on it at any given time. It's not easy to just up and jump over there. There's an expense to drive all the way there to allow them access to enter the house. Lots of money for gas and tolls to drive there just to make a U-Turn and come right back home. They need to make it worth my while and maybe compensate me a few hundred for my gas and 12 hours of driving, plus hotel stay.

I will have to get my attorney to send a nasty letter to them telling them to get bent.

I'm thinking about leaving it there if I can't make room in the truck for it. I don't know if all of the stuff I will be taking will fit in a 10x15 storage place or not.

[shabam]

Dude, your petition is going well so I would not even bother worrying.

[justbroke]

What happens when you make a purchase and used like 3 credit cards to buy it and Best Buy was one of those credit cards? That means that 3 different creditors have interest in the said property, not just Best Buy. By the court awarding Best Buy the ability to take something back would be like a preferential payment or award.

I think you misunderstand "purchase money security interests" (PMSIs) that are placed by using a card like Best Buy's. Their security interest only exists to the extent of how much you charged. The security interest erodes as payments are made on that specific item. If you bought a $3,000 item from Best Buy and $1K was BB, and $1K on Mastercard, and $1K on Amex... first, only BB holds a PMSI. Second, BB's PMSI is only $1K. Third, BB would probably attempt to settle, but you'd have to remember depreciation of the product and negotiate well. Or, tell them to come and get it. If it's a computer... it lost $1K (33%) in value as soon as you walked out the store with it! Tell them their security interest vanished as soon as you walked out the door. LOL

The thing is, the BowFlex is not really in my possession right now.

If they ask, you are not in possession of it. You have no financial liability for it.

[debtmonster]

I think you misunderstand "purchase money security interests" (PMSIs) that are placed by using a card like Best Buy's. Their security interest only exists to the extent of how much you charged. The security interest erodes as payments are made on that specific item. If you bought a $3,000 item from Best Buy and $1K was BB, and $1K on Mastercard, and $1K on Amex... first, only BB holds a PMSI. Second, BB's PMSI is only $1K. Third, BB would probably attempt to settle, but you'd have to remember depreciation of the product and negotiate well. Or, tell them to come and get it. If it's a computer... it lost $1K (33%) in value as soon as you walked out the store with it! Tell them their security interest vanished as soon as you walked out the door. LOL

If they ask, you are not in possession of it. You have no financial liability for it.

Well, then technically I would not be lying about the BowFlex.

We bought a 50" HDTV back in 2006 and a Playstation 3 back in late 2007 or early 2008. I wonder if they will want them back. That TV is so outdated now. It was $3200 brand new. You know what brand new 50" 1080p TV's are going for today. This TV isn't worth spit now being that it's so big and bulky for what it can do. All of the new TV's are slim.

We did make a lot of payments on the Best Buy. It wasn't like we paid a few payments and stopped. We paid a pretty good portion of it.

[justbroke]

We did make a lot of payments on the Best Buy. It wasn't like we paid a few payments and stopped. We paid a pretty good portion of it.

While they may send a letter to you... I would ignore it, or remind them of the facts. If you are willing to make an offer... offer them something minor ($400). Otherwise, tell them that they owe you, since you didn't pay for all of it on your BB card.