When do you know if your an asset case?

[BkJay]

I was wondering when you find out if your an asset or no asset? I filed a couple weeks ago and am about a month and a half from my 341. I recieved a tax refund (it was mailed the day after I filed) but it was all exempt except for $200 that my attorney thinks the trustee will abandon. I also have a few older vehicles that are paid off but not worth much that my attorney also thinks will be abandoned.When will I know if i'm an asset or non asset case? Is there somewhere to look on pacer or is it to soon? Thanks to all for this wonderful information and helping others understand how this process works, it has lowered my stress level a ton after reading this forum.

[helpmeout]

As soon as I faxed my attorney the mortgage payoff statement and she faxed it to the Trustee, it was put on Pacer that I was a no asset case. This was 2 days after my 341. From my understanding, the Trustee has until discharge to dispute any exemptions or change the ruling.

[bobbyquefour]

Being an asset case in general means you have assets above and beyond what are allowed for your state after your exemptions are taken into account. Each state is different. You can look up your individual state to get a general idea of the basics, but it starts to get hairy if you have a lot of gray areas or questionable property that could or could not be exempted.

There is a general 30 day period where the trustee can object to your exemptions but the US trustee can object anytime up to your discharge.

You should have a good idea with your attorney before you go to your 341 whether you will turn out to be an asset vs. a no asset case, but ultimately that is decided after your 341. At the conclusion of the 341 the trustee typically has 10 days I believe to make a decision that is logged into Pacer that identifies you as meansno (no asset) or an asset case. You can see this when you log into Pacer under status, or if you want a more detailed view of everything in your case so far you can look at history or docket. Just remember each page is 8 cents each and every time you look and it can add up!

I hope this helps. I am by no means an expert on any of this, but there is so much useful information on this site and so many kind people that hopefully you will learn more and some people with a lot of information might weigh in. Please don't take what I say as gospel!
Good luck,
Bobby

[BkJay]

It already says "MEANSNO" I figured that meant I don't have to take the means test.I hope your right and that is stating im not an asset case.

[pcn]

We filed as a no asset case. We had our 341 on a Thursday and the 'meansono' appeared on pacer the next Monday. Now we just have to make it through the next 60 days without any objections appearing.

[bobbyquefour]

It already says "MEANSNO" I figured that meant I don't have to take the means test.I hope your right and that is stating im not an asset case.

Meansno is on there because you passed the means test (didn't have to take it) and your trustee is going by this since you have filed. But ultimately he or she will decide after the 341 if that status is to change. But that is a good thing for sure to see on Pacer!

[pcn]

Should have known not to post early in the morning. I meant to say above that the "asset:no" appeared the next Monday after the 341. The "meansno" was on Pacer as soon as it was filed and entered into the system.