Asset Case

[tooconfused]

Is there a timetable I can expect when filing a Chapter 7 and there are assets? What happens after the meeting of the creditors?

[free2breathe]

During your 341, the trustee will give you a directive as far as your assets....at least that is what ours did. Our only assets were wages earned but unpaid at the time of filing, a small bank balance, and a percentage of our 2010 tax refund. The creditors have roughly 90 days from the 341 to file their claims. Once that bar date passes, the trustee will take the assets and distribute them to the creditors. After they do that, they have to complete the final accounting of the bankruptcy estate. The trustee told us it could take up to a year to actually close the case.

In our case, the trustee was very generous in allowing us to wait to pay him anything asset-wise until we receive our tax refund. He said he'd take the rest of what we owe out of the refund and go from there. We were discharged early January and received a letter within the last two weeks telling us the small amount we need to send him by the end of Feb. All in all, not too bad, considering.