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    Please tell me what this means

    We had our 341 yesterday and I asked a question about paying for any assets. I received very helpful info.

    Today I signed up for PACER and the following is the newest info listed, but I'm not completely sure what it all means. Please help. :-)

    ALSO--we had roughly $50,000 in CC debt and hospital bills and ARE keeping our house and cars, why does this say $76,258 (in assets) was abandoned and $132280 is scheduled to be discharged?

    Editing in: I did some more looking on PACER and it lists our mortgage company and the CU that is financing our car as FILERS also. Can you please explain?

    Chapter 7 Trustee's Report of No Distribution: I, XXXXX having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 2 months. Assets Abandoned (without deducting any secured claims): $ 76258.00, Assets Exempt: $ 26231.00, Claims Scheduled: $ 132280.00, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $ 132280.00. (Ridgway, Robert) (Entered: 07/30/2010)
    Last edited by HHM; 07-31-2010, 09:20 AM.

    #2
    From what I understand:

    Your personal liability on ALL of your debts is discharged, including any mortgages or car loans. However, any secured creditors will still have security interest in the property, so if you stop paying them, you'll lose the property but will not owe any remaining deficiency balance.
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

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      #3
      Thank you!

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        #4
        You probably should XXXXX your trustee's name and all those dollar amounts. Leaving those items in full view makes it very easy for someone to use Pacer and be able to identify exactly who you are.

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          #5
          Originally posted by momofthree View Post
          From what I understand:

          Your personal liability on ALL of your debts is discharged, including any mortgages or car loans. However, any secured creditors will still have security interest in the property, so if you stop paying them, you'll lose the property but will not owe any remaining deficiency balance.
          This is the trustee's report of no distribution, or in other words, the panel trustee has determined that this is not an asset case. This is not the same as a discharge. The actual discharge will take place 60 or so days from the 341. Even though this is not a discharge, congrats to the OP on being a no-asset case.

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            #6
            Originally posted by gmk View Post
            This is the trustee's report of no distribution, or in other words, the panel trustee has determined that this is not an asset case. This is not the same as a discharge. The actual discharge will take place 60 or so days from the 341. Even though this is not a discharge, congrats to the OP on being a no-asset case.
            Whoops, didn't clarify that part. It seemed that the OP was just confused on why the amount was so much higher than her unsecured debt. I was just clarifying that ALL debt is included, not just unsecured debt...
            Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
            0% payback to unsecured creditors, 56 payments down, 4 to go....

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              #7
              Originally posted by Meatstick View Post
              You probably should XXXXX your trustee's name and all those dollar amounts. Leaving those items in full view makes it very easy for someone to use Pacer and be able to identify exactly who you are.
              Thank you!!!

              Although I see something I still need to edit out, but I can't since a mod edited. Now it won't let me edit anymore. :-(

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