How does the trustee decide if asset case or if no asset case?

[filed]

I read this on the internet somewhere, regarding the job of the Trustee:

"Selling Estate Property

Selling estate property is the main way to convert assets to cash to pay claims. Trustees are discouraged from selling small amounts nonexempt property unless sales proceeds will likely mean a sizeable payment on unsecured creditor claims (those not backed by any collateral). The trustee can challenge your claim that certain property is exempt."

Is it true, as stated above, that the "...Trustees are discouraged from selling small amounts of non-exempt property unless sales proceeds will likely mean a sizeable payment on unsecured claims..."?

If so, does anyone have any idea what defines a sizeable payment on unsecured claims?

[keepsmiling]

If you are in FL middle district, you can throw that statement right out the window.
I think, that,like obscenity, they "know it when they see it"... ie, it's in the eye of the beholder. Some tt's may be more... gung ho... than others.
If you have something specific in mind, you might want to run it by us.

[filed]

keepsmiling, There is nothing specific asset-wise, I am pretty darn certain I am a no asset, I just have not seen the determination of no asset filing by the trustee and it's driving me nuts because, apparently, there is no timeframe by which they have to post that determination as far as I can tell.

The US Trustee asked for documents and asked me questions about income (or rather, lack thereof) at my 341, which was concluded. My lawyer says that all questions were answered satisfactorily, and we are definitely no asset, but, the Panel trustee is just waiting for the US Trustee to state that there are no 707(b) (2 or 3) issues. I just don't understand why the panel trustee, who is concerned with assets, would wait for the US Trustee to say there is no problem with my income before they post the determination of no assets. Why would they wait? If they know there are no assets, why not go ahead and file the determination of no assets/no distribution?

[keepsmiling]

Wasn't your 341 just a week ago?
I think it's too soon to panic.

[AngelinaCat]

I just don't understand why the panel trustee, who is concerned with assets, would wait for the US Trustee to say there is no problem with my income before they post the determination of no assets. Why would they wait? If they know there are no assets, why not go ahead and file the determination of no assets/no distribution?

Either your trustee is new and green, and wishes to follow the lead of the UST. Or else, there is something in your paperwork that is a 'wobbler', and one trustee is waiting on the other to rule.

Since you have listed your state as 'Private', we cannot begin to offer a suggestion regarding your state's exemptions and how they may help/hurt you.

My very best wishes.

[filed]

Wasn't your 341 just a week ago?
I think it's too soon to panic.

Today in fact makes the 10 day mark so, I anticipate that the US Trustee will either file a Notice of POA - or NOT- sometime today.

According to justbroke, even though the passing of this 10 day period does not eliminate the possibility of a dismissal or conversion based upon 707(b)(3), it does give some insight into how the US Trustee "feels" about my case after they have reviewed my 341 answers/explanations and the additional documentation they received.

[filed]

Thank you, AngelinaCat for your kind wishes. The trustee happens to be quite experienced. My attorney states that they are just waiting to see what the US Trustee does, and as long as nothing pops up from the US Trustee, that my case is easily no-asset and will be done very quickly. I would feel better if the trustee was new and green, as you suggested, which would explain their delay. Naturally, I fear the worst, I must be sitting in that dark room forming my own negatives, lol.

If they are waiting for the US Trustee, does this mean they will wait the full 60 days - in case the US Trustee wants to challenge based upon the "ace in the hole" of 707(b)(3), before they determine if my case is, in fact, a no asset case?