What is "Assests Abandoned" on Pacer?

[pcn]

On the Pacer report, our assets abandoned is greater than our assets exempt. Does that mean the trustee, out of the goodness of his heart, just gave up on trying to get the difference? Wouldn't the trustee be entitled to anything over what was exempt? If so, should we be worried that on day 59 the UST will be making a claim? Here's the numbers if it helps:

Assets Abandoned (without deducting any secured claims): $ 93028.00, Assets Exempt: $ 42850.00, Claims Scheduled: $ 277182.76, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $ 277182.76.

[AngelinaCat]

It means that your assets, for whatever reason, are not worth the trustee's attempts to turn them into money to pay your creditors. Ours were two automobiles that were considered to be 'too old'--a 93 Pontiac worth about $300-$600; a 68 Chevy that had been sitting in storage for more than four years. And a car and land that was 'fully-encumbered'--a 2004 VW Jetta with a note of about 6K left on it, and our real estate that was homesteaded, and which is actually owned by a State agency, bou for which we still retain a Life Estate, and for which we are responsbile for all the taxes, insurances, etc.

[blackomega]

That looks to be what you want to see on Pacer. My situation was similar, the trustee generally will abandon assets that are more trouble than they are worth to sell. The TT has a responsibility to make sure the creditors realize resonable funds from the sale of assets above what it costs to collect, store, and sell the asset. I hope what I said makes some sense LOL.

[pcn]

That's what I thought too, but since there appeared to be a difference between the "Abandoned" and "Exempt" amounts I wondered if the difference was something the UST might be interested in, or if they are even related.

[BKhelp24]

Assets Abandoned (without deducting any secured claims)?

What does Assets Abandoned (without deducting any secured claims) mean? If the amount listed as "abandoned" equals the amount of mortgage does that mean that the mortgage lender/holder will take ownership of the asset? Does that imply foreclosure or is there a way to negotiate with the mortgage lender to stay in the home? Anyone have any experiences with this situation? Thanks.

[kw1025]

If the property is abandoned by the trustee, it would still have a lien from the bank who holds the mortgage. If you want to stay in the house, you can work any kind of deal you want with the mortage company. If you owe more on the house than it is worth, the trustee wont want anything to do with it. I have had experience with this, and whether its during or after you BK, the bank can and will help you stay in the property, i you want.

[frogger]

Does that mean the trustee, out of the goodness of his heart, just gave up on trying to get the difference?

Out of the goodness of his heart? Now that's funny.

[BKhelp24]

Thank you kw1025!