BK7 asset case - creditor submission date pased, now....

[PhillyGuy]

The date for creditors to file a claim for any assets available has now passed.
Does the trustee now distribute any assets to the creditors that filed?
Do they pay the secured creditors first, then unsecured creditor second if there is funds left over?

Also, the notice of abandonment was filed, if no creditor objects, it is finalized automatically in 5 days after the due date.
What is the next step after that?
Final report by the trustee?
Wait for the trustee to dish out asset checks to creditors? Then final report?

Thanks

[PhillyGuy]

Also, is there a website that has every single step of the BK7. I seem to only find broad explanations of the steps.

[justbroke]

There are only broad explanations of the process because it's just a technical process. Individual cases could deviate based on how the case progresses. As for what is next in your case, the Trustee will liquidate the assets if they are not already reduced to cash. The Trustee pays administrative (the Trustee), priority unsecured debt, and then unsecured debt in that order. The secured creditors do not receive a payout.

This part of your cases, the "administration" of assets, can take anywhere from 6 months to 24 months. It really depends on the assets which need to be liquidated. Then the Trustee will issue checks after examining the claims submitted. Then the Trustee will wait for all the checks to clear, then issue a final report.

You should not need to worry about the Trustee's steps to administer. You just need to wait for your case to close. Keep in mind, as already stated, this administration can take months. It does not affect your discharge. The discharge is what you were waiting for. (If the Trustee issued an abandonment of assets, then the Trustee is probably expecting the close to take some time and does not want to tie up exempt assets.)

[PhillyGuy]

No objects to the abandonment notice, so it will be automatically finalized in a few days.

Now, the trustee was give a bank issued check, same as cash, so hopefully checks will be issued soon and cashed quickly.

[frogger]

Since you are an asset case, make sure that you keep an eye out for any claims submitted "after" the deadline. They can slip thru unless objections are raised.