Question: Assest Case, But Only 3 Claims Filed

[booboo]

Does this mean that when our 2nd home is liquidated only the 3 creditors that have filed claims will be paid? All the creditors were sent notice of a assest case, all were sent notice to file claims, but only those 3 did.

We filed a Chap 7 and our 2nd home that is being surrendered has a surplus of equity of about 40K and the claims only total$17K. Are we entitled to the difference after those claims are paid?

Input appreciated.

B

[justbroke]

When did you file? The creditors have 90 days from the first scheduled 341 Meeting to file a claim! Don't be surprised if they file on the last day.

If in fact, the claims bar date passes, and only 3 creditors file for $17K, you'd be entitled to anything left over. Of course, the $40K equity you may have, may be dwindled by Trustee fees, sales fees, taxes, etc.

[booboo]

Thanks for the info. My 341 date was 8-12-09, so the 90 days have past. The way I figure is that selling fees and the Trustee with the claims might hit $30K, so it appears that I might get about 10K after it is all said and done.

I owe about $114K on the house and it can be sold for about $160K. We declared $360K in debt, of that $192K was unsecured. Very surprised nobody except Chase filed claims. I have 1 Credit Union loan for $20K and not a peep.

We will see.

BooBoo

[justbroke]

Yes, we shall see! And by that, I mean please come back and tell us what happened!