Uneventful 341 this week. Now this???????

[cantbreathe]

Today Pacer reports "Trustees initial report. The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests." What???? I only thought I could breathe again! I would love some ideas.

[ccsjoe]

As I posted previously, perhaps some cash unexempted or portion of car or other asset? It sounds like you are becoming an asset case. I can't remember if you filed pro se or not, but discuss with your attorney or with the trustee. Even if it is an asset case, you can always negotiate something.

[tcreegan]

Hi cantbreathe,

This means the trustee saw some property, cars, ATV, snowmobile, tax refund, 86 carat diamond, whatever was not covered by your exemptions. They are going to dig around and see if they can find enough value in something to make it worthwhile to seize and sell it.

To get an idea of what the trustee is looking for, ask them. If they don't want to deal with you, get your copies out and go over your exempt property and compare it to your states allowed exemption. Then put on a "trustees hat" and see where a ruthless number cruncher would see equity or value that could be recovered.

Finally, remember to attend a few 341 meeting in

[cantbreathe]

Atty office says that it "could" be a preferential payment that the TT is looking at.

[backtoschool]

Did you pay off a large amount on a credit card close to filing? Did you give a family member some money or property in the last year?

[justbroke]

A preference should not bother you since they go after the entity/person that received the preference. No need to panic at this point.

[cantbreathe]

We had continued to pay on an unsecured loan up until we filed not knowing any better. The total was about $1000.00.

[ccsjoe]

Very possibly that's your answer right there. As jb said, it should not affect you at this time.

[backtoschool]

We had continued to pay on an unsecured loan up until we filed not knowing any better. The total was about $1000.00.

That is what the trustee is going after. The trustee will go directly after the creditor, not you. I was made an asset case for a $1000 preference/fraudulent conveyance too. Trustees can turn your case into an asset case for even a small amount like $1,000 and your creditors will get checks written for their claim for literally 23 cents, etc.....