Converting to NO ASSET - when (or at all) can I try to sell house b4 sheriff sale??

[KevFinnerty]

Short story (see my other threads for full story or just ask) - my house went into foreclosure last summer, I declared Chpt 7 bk which delayed foreclosure, my debts were discharged 6 months ago, but trustee declared me an asset case since my house has equity - I have been waiting for him to act on it, for him to try to sell it, but nothing has happened at all on that front.

Then just recently the bank filed some court stuff to revive their foreclosure. Out of that they were granted a "judgment" to proceed. "Coincidentally" within a day or so later, the BK trustee filed a "status" report basically saying he feels the equity isn't worth going after and that he "intends" to file a change to "no asset" and a "report of no distribution". No sheriff sale date has been announced yet but if I correctly understand the proceedings in my county (and I could be wrong) that won't even happen until at least November...

At what point can I (probably in vain) try to sell my house myself before it goes to sheriff's sale?? That is, I assume I can't do that until AFTER the trustee formerly DOES change my case back to "no asset" and thereby abandons the house, is that correct??? Or does it even go farther than that, does my bk case also have to be "closed" before I am allowed to do that???

And theoretically speaking, assuming I am allowed to sell the house - how much of the proceeds over and above what I owe on the mortgage are then subject to be handed over to the trustee in the bk case? And if those proceeds do have to be turned over to the trustee do I still have the same amount my homestead exemption protecting any of those proceeds? (Because if not then it really isn't even worth my trying to sell it, if it just all gets turned over)....sorry if I am not explaining myself correctly, I am very tired...

[keepmine]

Once the trustee abondons the asset and closes the case you can do anything you want with the property.
You can keep all of the proceeds in excess of what is owed on the mortgage.

[KevFinnerty]

Once the trustee abondons the asset and closes the case you can do anything you want with the property.
You can keep all of the proceeds in excess of what is owed on the mortgage.

Thanks, that's what I thought.

My lawyer either doesn't understand that, doesn't want to be bothered, or something fishy is going on - because I can't get them to tell me this is the case or get involved to help me with this.

I want the lawyer to try to make the trustee follow through on his status report and abandon the asset/convert me back to no asset case asap thus give me a chance to sell it before the bank forecloses. Can anyone tell me how to do this pro se?? Because I am getting nowhere with the lawyer so far.

Also - what if the trustee DOES abandon the asset/converts me to no asset/no distribution, but leaves the case OPEN???? What are my options then??? I assume that means I can sell it, but that any proceeds have to be turned over to the trustee (?but I keep my homestead exemption amount???).

[KevFinnerty]

Wait - talked to the lawyer's office - they understand now! We will give the trustee a week to see if he files anything else and if not will try to get him to follow through with abandoning the asset etc....fingers crossed...

[justbroke]

Excellent Kev... that's how it should work.

[KevFinnerty]

The trustee just filed today changing me to back to a NO asset case!!! YES!!!!

Furthermore he filed a long statement summarizing the case and saying that the estate has been fully administered, and asked that he be discharged from his duties as trustee!!

So now my question is (and perhaps I should ask this in a separate thread in the BK area) - when does my case "close", how does that work, is there any timeline to that???

[justbroke]

Your case will close as soon as administratively possible after your discharge. Since you already have your discharge, your case should be closed after the rest of the administrative issues are done. The Trustee needs to file a "final" report and then the case should close.

[KevFinnerty]

Your case will close as soon as administratively possible after your discharge. Since you already have your discharge, your case should be closed after the rest of the administrative issues are done. The Trustee needs to file a "final" report and then the case should close.

Thanks. I'm getting closer, think his final report is in! Pacer still lists me as asset case though. I'm hoping to see NO ASSET and "closed" up there within the next week or so....

Been an incredibly stressful and depressing past year. At least this part is almost over (fingers crossed).