How long does it typically take a BK Trustee to distribute assets and refund the remaining balance back to you? I was told that once he receives the check, it could take a couple of months until he sends me a refund of the money leftover. Also, I know he takes 25% of the first $5000 and 10% of the next $45,000, but how much are the average attorney fees on top of that he might charge?
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Bankruptcy Life: My life before, during and after Chapter 7 bankruptcy @ http://BankruptcyLife.org -
I don't know the answer to your specific question, but I suspect that this varies from District to District, and may well vary according to your situation. In our Asset Ch7 case, it took 15 months for our case to be closed, once we were discharged."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed." -
How long after discharge did the distribution of assets take place? That sounds excessive. The trustee must of had a lot of cases. I meant from the moment the cash is in the trustee's account, how long does it usually take him to distribute what is owed to creditors and return what's leftover, and any fees he might take on top of that. I know it probably varies from every district, and probably how many cases are being handled at the given time.Bankruptcy Life: My life before, during and after Chapter 7 bankruptcy @ http://BankruptcyLife.orgComment
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We didn't have any refunds. We had to pay in, as Florida Exemptions did not cover all of our stuff. We had to buy back our non-exempt items from the BK estate. Our major creditor was the IRS, and no monies were distributed to them until several months after we discharged. We also had a medical provider motion the court to have their claim prioritized above that of the IRS. That was eventually denied, but each side had 20 days to respond, answer, appeal, etc., with an equal amount of days for the other side to respond, and so on."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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OK, that makes sense now. It sounds like your asset case was very complicated. My case is pretty simple. The trustee is getting the cash from a house closing. I'm expecting a big refund because a lot of my creditors did not put in a claim, so I'm getting most of the money back.Bankruptcy Life: My life before, during and after Chapter 7 bankruptcy @ http://BankruptcyLife.orgComment
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It really shouldn't have been complicated, but we had an inept attorney that really did not educate us in the BK process. So we made a lot of stupid mistakes that cost us dearly. And we didn't find this wonderful forum, until AFTER we had made those mistakes."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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