What si the differnce between

[nohope]

discharge and closed in a chapter 7? This is an asset case.

[AngelinaCat]

A Discharge means that your debts that were able to be discharged, are just that. You are no longer responsible for them, and the creditors cannot legally try to collect after you are Discharged. That doesn't mean that some of them won't try. Keep copies of your Discharge Order handy so that you can send them out by certified mail when one of them tries it.

Closed means that the trustee has finished all of the administrative details in your case, including paying your creditors, etc. Until all of that is fully done, your case will not be closed. In our case--ours was an Asset, too-- we went about 13 months between when we were Discharged until finally Closed.

If you have a PACER Account, you want to look for a document where the trustee has filed his final report and is asking to be discharged from his/her administrative duties regarding your account.

[nohope]

Thanks for your reply. How does all this play out in an asset case? How long do you get to stay in your house?

[AngelinaCat]

Someone else will have to answer that question, as that can vary from state to state and your mortgage agreement, and the lender's policy. We didn't have that situation to contend with in our BK.

Good luck to you.

[keepsmiling]

I guess it depends if it sells or not. What are you coming up with in terms of valuation? did you have a realtor come by? A NJ BK attorney told me the courts and market are very backed up here.

[nohope]

I'm concerned that the trustee will set the price too low and it will go quickly.... I also have non-dischargebale debt - equity in home should cover it unless they knock the selling price down.