Now an asset case?

[geye]

We filed back in September, and were discharged at the end of December. Today we received a letter from our attorney saying that our case has not closed because the "Trustee investigating real estate". The report included shows everything fully administered except our house, which shows an estimated net value of "unknown".

This report was dated 5 days before our discharge. Until today we've heard absolutely nothing, and the attorney has not heard from the trustee, either.

But hears why I'm baffled- we owe about $200,000 on our house. Our house is worth about $150,000 (or $134,000 if you believe zillow). So what does the Trustee think she's going to do with our house? Other than thinking she can make money, what could be the hold-up?

[tcreegan]

Hi geye,

Could be a case of the trustee being up to their ears in files, and just hasn't had time to verify your house as an asset or not. Might have their own appraisers they use and just haven't had time to get around to your house.

Anyhow, you've got that discharge in hand...that's what matters!

Tom in Colo

[freeatlast09]

Hi geye,

I'm not sure if this post will help or not, but we have a similar situation. Filed 5/09 - discharged 8/09. We surrendered the house and moved shortly after filing. The trustee turned us into an asset case and hired a real estate agent right after the 341. We owed $330k on the house and the real estate agent has been steadily dropping the price over the last 18 months - now down to $270k. How there is anything in that sale for creditors or the trustee, I have no idea.
I guess the real estate agent will make her commission.

Our lawyer has no idea why the trustee chose this path, but we just watch and wait. The case won't close until that house sells.

Best of luck to you.