What does this mean???

[killinstinct]

I probably shouldn't have done this, but I signed up for "freecourtdockets" as discovered by MSbklawyer. Now I'm a little worried. Latest entry after our 341 is

"Trustee's Initial Report. The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests."

What the crap does this mean? We don't have anything and my lawyer assured us were were well under for exemptions. The only thing the trustee seemed interested in was our house, which is was underwater (last offer was $225K, owe $270K on first, $30K on second).

Thanks in advance

[backtoschool]

It means that you are not a quickie "report of no distribution" and may end up an asset case. The trustee is probably going to get the house appraised. This is somewhat common. Did you have anything else that might have non-exempt such as a future tax return?

If you read my thread about my 341, the trustee is trying to go after a car that I traded in and exempt. Sometimes trustee's object to exemptions. But in your case, my guess is that the trustee wants an appraisal for the house.

[killinstinct]

It means that you are not a quickie "report of no distribution" and may end up an asset case. The trustee is probably going to get the house appraised. This is somewhat common. Did you have anything else that might have non-exempt such as a future tax return?

That makes sense. He wanted my phone number and said his real estate agent would call. Haven't heard from anybody yet. I wonder if I should follow up. I may have a small future tax return ($500?) but my lawyer told me "everything's exempt" over and over again....

What does an asset case mean? I can't afford any more atty fees, etc. Does that delay your discharge? I was surprised because our 341 was quick and easy, the TT asked nothing other than standard ?'s and didn't ask for any more documents. I'm really confused.

[backtoschool]

That makes sense. He wanted my phone number and said his real estate agent would call. Haven't heard from anybody yet. I wonder if I should follow up. I may have a small future tax return ($500?) but my lawyer told me "everything's exempt" over and over again....

What does an asset case mean? I can't afford any more atty fees, etc. Does that delay your discharge? I was surprised because our 341 was quick and easy, the TT asked nothing other than standard ?'s and didn't ask for any more documents. I'm really confused.

An asset case simply means that the trustee has non-exempt assets to distribute. If you are not keeping your house, and there is equity in it, then your case will be an asset case. If you are keeping your house, and the equity is more than your exemptions allow, then that would also make you an asset case.

Your tax return is not an issue here. If the trustee asked about your house, then that is what he is going to look into.

You still get discharged in 60 days from your 341 in an asset case, it just takes longer to formally close the case because the assets have to be sold and the proceeds distributed to your creditors.

[killinstinct]

An asset case simply means that the trustee has non-exempt assets to distribute. If you are not keeping your house, and there is equity in it, then your case will be an asset case. If you are keeping your house, and the equity is more than your exemptions allow, then that would also make you an asset case.

Your tax return is not an issue here. If the trustee asked about your house, then that is what he is going to look into.

You still get discharged in 60 days from your 341 in an asset case, it just takes longer to formally close the case because the assets have to be sold and the proceeds distributed to your creditors.

Ok....our lawyer did kind of mention this now that I think about it. He told us that the TT was interested in the house and it may delay the 'closing', but not our 'discharge'....does that make sense? I think he may think he can squeeze some $$$ out of the house. Maybe he can, if he doesn't have to pay the HELOC (totally unsecured now), he might get a little $$. He'll still have to pay the 1st 265-270K though, and like I said our highest offer in the last 6 months was 225K.

I just about had a heart attack when I saw that, as it has been smooth sailing up until now (almost too smooth!!!).

[Chowder]

"Trustee's Initial Report. The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests."

That looks eerily similar to a post from bkmaggster. Also in Washington. You may have had the same Trustee.

[killinstinct]

That looks eerily similar to a post from bkmaggster. Also in Washington. You may have had the same Trustee.

That's right. I saw his post...I bet we did. Maybe it's just standard for him. I was riding high until I saw that, then I kind of freaked out. Our lawyer was 'positive' there were no issues though....

Thanks for your help guys. I seriously don't know how I'd get through this without the forum.

[backtoschool]

Ok....our lawyer did kind of mention this now that I think about it. He told us that the TT was interested in the house and it may delay the 'closing', but not our 'discharge'....does that make sense? I think he may think he can squeeze some $$$ out of the house. Maybe he can, if he doesn't have to pay the HELOC (totally unsecured now), he might get a little $$. He'll still have to pay the 1st 265-270K though, and like I said our highest offer in the last 6 months was 225K.

I just about had a heart attack when I saw that, as it has been smooth sailing up until now (almost too smooth!!!).

It just means that you won't be getting one of those "report of no distribution" reports from the trustee, (I sure wish I would get one of those reports, I am still waiting to find out what the trustee is going to do about my EXEMPT saab ) and that he will try to squeeze some money out of your house.

It will not affect your discharge so enjoy your stress free sojourn in the 60 club.

[killinstinct]

It just means that you won't be getting one of those "report of no distribution" reports from the trustee, (I sure wish I would get one of those reports, I am still waiting to find out what the trustee is going to do about my EXEMPT saab ) and that he will try to squeeze some money out of your house.

It will not affect your discharge so enjoy your stress free sojourn in the 60 club.

Thank you so much! I'm out the door to help my wife with a charity fundraiser and I had no business looking at this crap. I was well on my way to being in a pissy mood and she would have kicked my (*&^!!ss.

You guys rock.

[Chowder]

Maybe it's just standard for him.

No, bkmaggster (she) had a she trustee.
If you had a he, I kinda think maybe you guys had different TTs.

[killinstinct]

Well, whatever. I don't have (*&t and you can't squeeze blood from a turnip, right. I'm really not that concerned when it comes down to it. There's nothing to take.

[bkmaggster]

Well, whatever. I don't have (*&t and you can't squeeze blood from a turnip, right. I'm really not that concerned when it comes down to it. There's nothing to take.

Yep. I got the exact same thing on Pacer.

They are welcome to come get my old books and the furniture I bought on craigslist and the skinny jeans I will never fit into again.

Killinstinct - did you have a he or she trustee?

[killinstinct]

bkmaggster, i sent you a message...not sure if we're supposed to use names, etc on forum

No kidding....they can come take some worthless crap from me. Geez, what do you want! Our house is worthless as far as I can tell....