Ch 7, trustee said wifes property is estates

[telco95]

We had our 341 on 8/19/10. The Trustee said the wifes 2nd property is estates. House is not liveable & is appraised at $18k, tried selling a few yrs ago, but only offered about $8-9k. We received a letter in the mail saying that the trustee hired a realtor to sell property. I'm confused about a section in letter under, File a Motion: Assets: n. Why is there an n next to Assets if they took the house? We also received a letter about "proof of claim", deadline is 1/10. The house is still for sell. What should we expect moving foward, discharge, case closing, etc.? I registered at pacer yesterday.

Thank you

[despritfreya]

Your Trustee is going to sell this non exempt asset for what ever he can sell it for. His realtor will list the property and find a buyer at some price. If there is simply no buyer, the Trustee will eventually abandon the asset. But, most likely, he will find a buyer even if the sales price is pathetically low.

The Trustee has sent out a "claims bar date notice" to creditors advising them to file a claim by such and such a date because he either has or expects to have $$ to distribute. I do not know what "File a Motion: Assets: n." means.

Your discharge will not be held up by the sale of an asset. Your case simply will not be "closed" until the property is sold and the proceeds are distributed.

Practice pointer: It is imperative that you make sure you have properly listed ALL creditors. You are now an "asset" case and any forgotten creditor will not be discharged.

Des.

[tcreegan]

Hi telco95,

Just a thought:
Did you file joint or separately? Texas is a community property state so it would only matter if the property is in the non-filing spouse name and has been 'sole and separate,' not acquired during the marriage.

I have no idea what the 'File a Motion: Assets: n ...maybe the n is for makes no sense.....
Seriously, maybe it means that no creditors have filed a motion regarding this asset, but this is a shot in the dark.

The proof of claim/deadline is typically for creditors, not debtors. It may be a notice sent out by the court to your creditors and they sent you a courtesy copy.

Can you post more of the letter? Would be helpful for folks here to decipher for you...

Assets are not supposed to delay discharge, but it usually delays closing.

Sorry I couldn't be more help...

Tom in Colo

[telco95]

Thanks for your replys. We filed joint. On one of the pages that came with the application to hire a realtor, on top it has in bold "File a Motion: , under it, it has our case #and name, Type: bk, Chapter: 7v, Office: 1, Assets: n, Judge: cag. Curious what the n meant.

What is the time frame that the trustee will abandon an asset if it does not sell?

How does the distribution work with a retain and pay on a vehicle with the bank?

I have a few hundred dollars in stock, can I sell this if I received after we filed, but before our 341 meeting?

Thanks for your help!

[telco95]

Does it matter if Chase sold my acct to a collection agency right around the time that I filed and don't have the new CA on my BK?

Thanks

[AngelinaCatHub]

Does it matter if Chase sold my acct to a collection agency right around the time that I filed and don't have the new CA on my BK?

Thanks

It does not matter as you owe the original creditor not a CA company. About the stock, hold it for awhile. Your situation has become more complicated. If you want that property, you could offer a settlement, but we became asset and it took a while before close. Much bookkeeping stuff. It is really nothing to worry about after your discharge. It is indeterminable as if or when they would abandon that white elephant property. Be glad you don't have to pay tax on it anymore. 'Hub

[tcreegan]

OK, now you got me interested......we have the mystery n, now what is that v after the 7 !!!

"File a Motion: , under it, it has our case #and name, Type: bk, Chapter: 7v, Office: 1, Assets: n, Judge: cag

You can call the court clerk and ask them (nicely).....

How does the distribution work with a retain and pay on a vehicle with the bank?

If you have no non-exempt equity, the trustee doesn't want it, you just keep paying as long as you want to keep the car.

If you have some equity in the cars, the trustee will sell the cars at auction, give the auctioneer his cut, take the trustee cut, pay off the lender, then give you you any exempt equity you had in the car, the rest (if any) is divided amongst the unsecured creditors.

Good luck w/ your filing,

Tom in Colo