Should I wait for Report of No Distribution?

[RBisDebtFree]

I had my 341 meeting on Oct 1st (original date was Sep 10th but my attroney had to re-schedule due to his calendar conflict). I know that trustee has 30 days after the 341 meeting to do anything with your assets to make the case as an asset case. Is it 30 days from my first scheduled 341 meeting date or from the actual 341 meeting date?

Also, my trustee filed applications to employ an attorney and a real estate broker to try to sell my house.

So considering the situation in whole, am I not supposed to expect a Report of No Distribution beucase he's trying to sell the house? Or would he still file a Report of No Distribution and somehow exclude the house?

Thanks!

[AngelinaCatHub]

Well, not good news. If he hires an attorney, he has to pay him and that mean you do. I believe you may become an asset case. I am, I've been there, and more. Please keep us posted as to what you hear. We cannot hear what comes down the line. We offer only an opinion. I sure hope I am wrong. 'Hub

[RBisDebtFree]

Are there any dates by when I would know which of my possesions are at risk? Or by when I would know what is mine to keep?

It just seemed that the only thing he cared about was the house, that's during the 341 meeting.

Also, is this going to affect my discharge anyhow? Or does this threaten a case dismissal or convert to chapter 13?

Just trying to see what are the possible courses of action. Thank you!

[AngelinaCatHub]

Are there any dates by when I would know which of my possesions are at risk? Or by when I would know what is mine to keep?

It just seemed that the only thing he cared about was the house, that's during the 341 meeting.

Also, is this going to affect my discharge anyhow? Or does this threaten a case dismissal or convert to chapter 13?

Just trying to see what are the possible courses of action. Thank you!

You are asking difficult questions addressing the future. I cannot tell you what is on anyone's mind. There is no date for anything. We hovered for six months of no news until we called the Courthouse to find, all that was missing a copy of our marriage license. (we use different names).

So your question: There is no real dates. Have you gotten your PACER account? This is fairly more accurate than your lawyer as things pop up there at any time.

I hope you are not as asset case, but if so, the asset will be counted and converted to your estate funds to pay your debts. It probably will not change if you are now in a 7, but will pay your creditors as much as it can. Your time will be extened to 90 days or more for discharge. Only you can tell us your progress. Keep tight with your lawyer. and find out all you can.

'Hub

[backtoschool]

I had my 341 meeting on Oct 1st (original date was Sep 10th but my attroney had to re-schedule due to his calendar conflict). I know that trustee has 30 days after the 341 meeting to do anything with your assets to make the case as an asset case. Is it 30 days from my first scheduled 341 meeting date or from the actual 341 meeting date?

Also, my trustee filed applications to employ an attorney and a real estate broker to try to sell my house.

So considering the situation in whole, am I not supposed to expect a Report of No Distribution beucase he's trying to sell the house? Or would he still file a Report of No Distribution and somehow exclude the house?

Thanks!

The trustee has 30 days after the 341 to object to your exemptions but has 60 days after your 341 to turn your case into an asset case. I was turned into an asset case 43 days after my 341.

If your trustee has employed an attorney then you are an asset case.

If you are an asset case then you will receive a trustee's final report after your non-exempt assets are liquidated and distributed. You will not receive a report of no distribution.

The trustee will file an interim report sometime after your 341 (usually after the date to object to exemptions passes). The interim report will show what assets thus far the trustee has come up with. My interim report show all my exempted assets as fully administered with zero dollars going to the bankruptcy estate, and shows my only asset as a $1,000 "preference". I am not sure this is the last of my assets, but that is what the trustee is showing on my interim report right now.

[RBisDebtFree]

I see, well, we had about $3500 in our account at the time of filing (all of which went on to rent a new place) -- our attorney said it is ok. Our attorney says that all he is after is the house -- he hired a lawyer at the same time as he hired a real estate broker. I will hope that it is all there is, of course not getting my 60 days after 341 is not the most desired thing in the world, but it is whatever it is, I don't have too much more emotions left to worry and be concerned.

Thank you both for the information, I really appreciate it!

[killinstinct]

I see, well, we had about $3500 in our account at the time of filing (all of which went on to rent a new place) -- our attorney said it is ok. Our attorney says that all he is after is the house -- he hired a lawyer at the same time as he hired a real estate broker. I will hope that it is all there is, of course not getting my 60 days after 341 is not the most desired thing in the world, but it is whatever it is, I don't have too much more emotions left to worry and be concerned.

Thank you both for the information, I really appreciate it!

I would try to sit back and relax. The good news is that the TT will do all the work for you, and no $$ is going to come out of your pocket. The bad news is that the technicalities of being an asset case may drag your closing out a bit. HOWEVER, this should not affect you in any way. Listen to your attorney. PLEASE. Live your life, move on. The process will work itself out, and will conclude just a bit later than you were hoping for.

[RBisDebtFree]

Yes, I wish I would have known everything I know now, then, I wouldn't be worrying so much, all it does is taking away your nervous cells, doesn't help in any way.

Honestly, all I care about is getting my discharge, then, if they want to take my sofa, computer, some money, I can survive that. If they want something that I have, that's ok, I just don't want the feeling of debt -- knowing that you have to give back to somebody something that you don't have, it's like having a lien on your future.

Ok, sorry for going to philosophical here. I'll let you know when I get some updates though.