Asset case question

[brokeinal]

What happens if no claims are filed? And is it unusual for no claims to be filed?

The deadline is at the end of June and the assets are very small. I just assumed someone would file for them, but nothing yet.

[free2breathe]

The way I understand it, if no claims are filed, no assets get distributed and you keep them. That being said, some of the creditors who filed claims in our case waited until almost the last minute to file.

[DesdemonaB]

Hi

I too am an asset case - have 2,200 tax return - only have one credit file a claim - 1,300 - my quick question is would some of the remaining go to the UST for their fees? If no ones files - does the UST get a portion of unclaimed assets?

[free2breathe]

Desdemona, the panel trustee will get a percentage of the assets. It's a set percentage based on the the amount of the assets to be distributed. The trustee has to submit an accounting showing where all of the assets go. If there is only the one claim, and the trustee's percentage when added to that claim comes up to a number less than the amount of your assets, you should get the remainder returned to you.

I'm not sure if the trustee can claim anything for him/herself if there are no assets being distributed to claims. I would hope that would mean that they would have to return the entire asset to you, and that they get just the standard $60 paid to them by the bk courts. I'd be curious to know if anyone else has been through this, with no claims being filed, and what the outcome was.

[AngelinaCatHub]

Desdemona, the panel trustee will get a percentage of the assets. It's a set percentage based on the the amount of the assets to be distributed. The trustee has to submit an accounting showing where all of the assets go. If there is only the one claim, and the trustee's percentage when added to that claim comes up to a number less than the amount of your assets, you should get the remainder returned to you.

I'm not sure if the trustee can claim anything for him/herself if there are no assets being distributed to claims. I would hope that would mean that they would have to return the entire asset to you, and that they get just the standard $60 paid to them by the bk courts. I'd be curious to know if anyone else has been through this, with no claims being filed, and what the outcome was.

Right on F2B. As a major asset case (in a last minute SURPRISE!!) All creditors are first notified that you have funds. In our case many petitioned they were "Priority", and every one was turned down. the UST does not get anything. The assigned Trustee gets a percentage and expenses. The priority claims come first which in our case was IRS who got it all. If we owed less than IRS claim, then the next priority. If more is left then the unsecured creditors who submitted a request get evenly split (unless satisfied), until the assets are gone. Then the Trustee writes up a disbursement sheet for the Court with a letter that he has finished with request to be released. Then the case is closed. Be aware, you may be discharged already but the case will not be closed until all this happens. Ours took about a year from discharge to close. 'Hub

[DesdemonaB]

Thanks Free

That is what I assumed - but we all know what happens when we assume

So there might be a chance that I could see small portion of the assets returned - as of 5.2.2011 there is only one claimed filed for 1,300 but I still have about just a little over a month to go as last day to file is 6.28.2011.

I view it this way - if I get something back great (WINNING) - if I don't 2,200 is a small sacrifice for the total amount of $$ I bk'ed.

Silly question(s) - Do the creditors know the total amount of assets they are filing claims against? Meaning do they know the total amount of my asset case is 2,200? Can/have creditor withdrawn their claims?
Just curious that all.

[DesdemonaB]

Hub'

yeah I know that it could take months to close, I not really worried about it; unless I should be. Should I???

Sorry the suger from two birthday cakes today has got me in a giddy mood Happy birthday to my 8 year old today.

[AngelinaCatHub]

Thanks Free

That is what I assumed - but we all know what happens when we assume

So there might be a chance that I could see small portion of the assets returned - as of 5.2.2011 there is only one claimed filed for 1,300 but I still have about just a little over a month to go as last day to file is 6.28.2011.

I view it this way - if I get something back great (WINNING) - if I don't 2,200 is a small sacrifice for the total amount of $$ I bk'ed.

Silly question(s) - Do the creditors know the total amount of assets they are filing claims against? Meaning do they know the total amount of my asset case is 2,200? Can/have creditor withdrawn their claims?
Just curious that all.

No they don't. After the final close, it will be on PACER and then they would see who got what.

Hub'

yeah I know that it could take months to close, I not really worried about it; unless I should be. Should I???

Sorry the suger from two birthday cakes today has got me in a giddy mood Happy birthday to my 8 year old today.

No, you are discharged I assume? It is only what has to happen for the Trustee is responsible for the creditors, not you. Most I have found are decent people. There are exceptions of course.

My main concern now is; has all this stress turned you into a sugar junkie? Remember the waist line, or you could say, waste line. LOLOL. 'Hub ps; stay 'giddy', there are worse moods.

[DesdemonaB]

No they don't. After the final close, it will be on PACER and then they would see who got what.



No, you are discharged I assume? It is only what has to happen for the Trustee is responsible for the creditors, not you. Most I have found are decent people. There are exceptions of course.

Yes, 3.9.11 - so that's why I wasn't really worried. I also see I'm not as funny as I think am

My main concern now is; has all this stress turned you into a sugar junkie? Remember the waist line, or you could say, waste line. LOLOL. 'Hub ps; stay 'giddy', there are worse moods.

LOL - no longer stressed it just so happens that a co-worker had his b-day today too so I had a piece @ lunch and I was smart and for my daughter's cake I only ate what they didn't - the cake part.