Should I be concerned?

[tired_of_debt]

I have been reading the forum way too frequently since I filed and had questions. I noted in several posts that folks have received letters from the trustee after the 341 meeting. I submitted my paperwork mid-October prior to the new laws and my Chapter 7 BK was filed before the new laws went into effect. My 341 meeting was held on December 29, 2005, and according to the bankruptcy paperwork, the last day for creditors to file an objection is February 27, 2006, and the last day for objections to the exemptions claimed is shown as 30 days at the conclusion of the meeting of the creditors.

I have received NOTHING from the trustee, any creditors or any communication about the BK since I went to court. Do I have reason to be concerned about that (i.e., should I have received anything)?

Also, pardon my ignorance, but what does it mean to be "upside down" on a car loan? Just curious.

Thanks.

[BassBoy]

First, upside down is when you owe more than it's worth.

Next, no news is good news. Have you signed up for PACER? That's a great way to keep on top of your case and see if anything has been filed. If the last day of filing doesn't change, then there is no need to worry.

[Minnymouth]

If your 341 Meeting was held on Dec 29th and yours was a Chapter 7 no asset case, then more than likely you will hear nothing else till you get your discharge papers.....

Course the Creditors have until Feb 27th to file objections to your discharge. But normally NEVER HAPPENS......

If the US Trustee should find assets, then he can file on the day before Feb 27th to extend your case. Usually never happens.....

So your probably okay, just be patient and wait it out.

The up-side-down issue on the auto means you owe more than the vehicle is worth......

Any more questions, we'll be glad to help...........

[BassBoy]

LOL.....you and I are all over this one Minny.....LOL!

[Minnymouth]

Bassboy - GREAT MINDS RUN TOGETHER ON THE SAME PATH..............LOL

[nicolemarang]

same boat

I am in the same boat as you, almost exactly same situation down to the DAY!! Please keep us updated on your situation so I can know what to expect!!!

[concerned]

Tired of Debt,

My husband and I were nervous that we would get a last minute request after reading some of the posts, but thankfully this did not happen. We had a very easy 341. It could be that your 341 might give you some indication of whether or not you will get a request later. How did your 341 go? Good luck to you!

Concerned

[tlk9]

Misinformation....Discharge means nothing !Closing does!

I am confused ....I have been on this site for awhile and I have read and picked up alot,but my one area that I am totally confused is when is it over...I see people who have got their discharge and they are jubilant like it is over and done and everyone is congratulating them,but on the other hand(like me ) I have seen people talk about assets that they had not being settled until closing of the bankruptcy or saying if they were going to take something you would have known before the discharge was posted on pacer(like mine was)So Which is it? I know everyones case is different and noone can tell what trustee will do ,But I wish people would just give the right advise and say IT ISNT OVER TILL CLOSING IS POSTED! bottomline.....The discharge is nothing but your debtors lawyers saying it is legal and they will not challenge things,but in no way does it say that you are done(if it is a case that might involve assets like mine) Am I right to believe this? So basically I have another 30 days or whatever it takes for the trustee to get done with his personal rummage sale of my assets before I will know what will be took or not took.So in essence the trustee now gets to see what bargains he can get. Just believe IT AINT OVER TILL CLOSING. Discharge is just a formality,just like the 341 meeting.

[concerned]

Tlk9:

Yes, I think you are basically right. It is not over until closing, but it's my understanding that the worst is over. They usually only leave a case open to possibly receive some sort of money from an asset so if your case is a "no asset" case you should be ok. I have also heard of some trustees keeping cases open to collect tax returns, but that's it. Your creditors deadline to file has past so nothing major should happen after discharge. StaciMM, Minneymouth and some of the other gurus on here might know more about this topic than I do, but I think you are basically safe after discharge if your case is a no asset one.

[StaciMM]

Consider this, there are 3 types of cases when it comes to ch. 7:

'No Asset' (Most are this way) where you have NO assets to be taken and your exemptions go above & beyond everything that you DO own, so the No Asset bit is rock solid.

'Asset' where you have things that are clearly beyond the exemptions, and the trustee takes them

And then, not so common, are the situations (like yours, Tlk9) where you have an non-exempt asset but you have to wait & see what the trustee will do. Out of curiosity-is your case on Pacer still showing as an Asset case, or a No Asset?

For me, it was no question that we were 'no asset'. We don't own a home, and are allowed to use part of our homestead exemption as a wild card. I've joked about how if the trustee found something, we'd get the first shot at it as we could have exempted more if we had more.

[bkadv]

I know the feeling on being confused about discharge and closure. I was sweating until the discharge came in, then I learned that it ain't __even_ over until closure. So many things are unsaid and undone, unclear until the case is closed. Almost 60 days waiting for close all because the Trustee wants our tax return.

[Minnymouth]

bkadv,

If yours is a no asset case (except for the tax refund) then
don't be too upset over the tax refund issue... When that is settled your case will be closed.

Also you can not really go by the saying "Asset case" or "No-asset case"............

When you first file it is determined whether you case is Asset or No-Asset..............BUT (as in my case) where a "surprise asset" was found it turned into an Asset case but was never corrected on Court papers to say Asset case... Pacer still list me as a no-asset case.....

And yes "discharge" is a formality telling you that all those debts are discharged......... (this is very important because it lets you know that these creditors did not object and that you are free of this debt)....

"Closing" mean your case is completely over as far as the Trustee and Court is concerned. Also means any adversary complaints or tax issues have been settled and your Bankruptcy Case is over and done....

Most cases are closed immediately after discharge..... Only those with assets (property, refunds, etc) will say discharged but still "case open". These will then say case closed when the assets have been collected, sold, and monies paid to creditors. This can often take several month (mine took 475 days and is still open - very rare)...

SOOOOOOO REMEMBER,

Discharge means you have been relieved of every paying those debts....
Closed case means the Trustee and Court are THRU WITH YOU - Your bankruptcy case is completely over...

Hope this helps explain..... and remember each case is different (mines a fine example)... Some are full of surprises before discharge... and some remain open a lot longer than we would like for them too..... (normally due to greedy trustees)...

So be patient, prop them feet up, RELAX and breath deeply and wait on that "Case closed" entry....

Most Chapter 7 cases close very quickly..... not like a Chapter 13 where you are involved wih the Court for years....

Any more questions, just ask......we'll try to answer them for ya...

[tlk9]

Yes it is still showing on pacer as a no asset...

I understand now what all this means,I guess I had a little wishful thinking there,I do believe that the land in question will be took,but I didnt fully understand what the difference was from discharged to closing,now I do,as most on here in a ch.7 case have no assets so basiacally the elation they feel is rightfully so,meaning they dont have to pay back their debts,and legally can say that,but as far as pre filing assets go,that is another story,but Is there any signs that you would pickup to know what is going to happen?I have not heard from my attorney and frankly I think he thinks he has already earned his money form me,nor have I heard from the trustee either. Oh well I am going to do what I must to survive and if they dismiss me,then so be it.

[Minnymouth]

If they have not contacted you regarding the land issue, you may come out smelling like a rose......
What did they say at your 341 meeting about the land???
Are there other owners names on it also???
Were you able to exempt it?
Are you discharged ? and just not closed yet?
What did your attorney say about the land issue??

If pacer comes up and shows "case closed" - the land is no longer an issue.............

Keep us posted

[Minnymouth]

You also asked if there were any signs of what might happen..... Well, I was told right after ther 341 meeting that they were auctioning off my house - DUH....

So if they were really interested in that land, they would have already contacted you..

Is yours the case where other people own a percentage of the land also? Or the case where the land is owned by a Corporation?