Timeframe for Asset Cases

[Boscoe]

Just wanted to let everyone know my experience with an asset case and how long it can take to close.

After all my exemptions were used to exempt assets in my chapter 7, I had $11k leftover to give back to creditors.

My case was filed in July 2007 and was discharged in October 2007.

Due to the slooooooooow process of the trustee processing the case, filing the motions with the bk court and finally distributing the $11k to the creditors, it took one full year after the discharge.

I checked Pacer on Monday, and the case finally closed on 11/2/08.

Finally, I am done. About time.

Thanks to everyone again for all your assistance and support during 2006 and 2007 when I was most active on this site.

[AngelinaCat]

Hi Boscoe: CONGRATULATIONS!!! You are finally closed now!! You are entitled to one Victory Hamster Dance. Here you go:

http://www.youtube.com/watch?v=_1_kgNp9oQg

[AngelinaCat]

We are an asset case also. We filed 12-28-07, had the 341 02-07-08, were ruled an asset case sometime in March '08.

We finally were discharged on 08-13-08, but will not close until sometime after April 1, 2009--anyone notice that it's Arpil Fool's Day?--once we get through buying our stuff back from the BK estate.

It is good to have your experience on record so that we have a time-frame.

Thanks very much and good luck and wishes on your New Start.

[uofaguy]

Boscoe -

Congrats old friend and thanks again for all your helpful advice. Must be a huge relief to finally have the case closed.

Hope things are going well with the credit rebuilding!

[ready2puke]

Did the trustee have to sell your assets? My attorney told me if the trustee wanted to sell my Mexico property that if he couldnt sell it right away (which there is no way he could) that he could keep the case open for a year or two while trying to sell it.. Gives me the creeps that is could happen that way.

[Boscoe]

The only assets we had that they took was the money in our bank account that we could not exempt, so it was pretty easy.

[Boscoe]

U of A guy - Thanks, are you discharged and closed yet? Hope all is well..

[Tbornetun]

Did the trustee have to sell your assets? My attorney told me if the trustee wanted to sell my Mexico property that if he couldnt sell it right away (which there is no way he could) that he could keep the case open for a year or two while trying to sell it.. Gives me the creeps that is could happen that way.

They could keep it open until the property sells, it is their call.

[cool33097]

According to my lawyer (I am in FL), they can not keep open forever. Time frame is 12 months.

[ready2puke]

Even if 35% of the property is in my IRA?

They could keep it open until the property sells, it is their call.

I would think that would throw a major rench into their time frame..

[AngelinaCat]

Did the trustee have to sell your assets? My attorney told me if the trustee wanted to sell my Mexico property that if he couldnt sell it right away (which there is no way he could) that he could keep the case open for a year or two while trying to sell it.. Gives me the creeps that is could happen that way.

You should have been offered a chance to buy your property back. That is what happened with us.

[Tbornetun]

According to my lawyer (I am in FL), they can not keep open forever. Time frame is 12 months.

We had a new client come in about a month ago, he filed in 2006, his case is STILL open. They can keep it open for as long as they need to in order to sell assets.

[uofaguy]

Boscoe -

No, our case is still open.

We filed a claim in a homebuilder's corporate BK (as he breached a contract with us by never finishing our home before he filed BK). Our attorney said our Trustee plans to keep our case open until the builder's BK is resolved. Sad thing is - we have an unsecured claim against the homebuilder so we won't be seeing a dime from him. We also don't have any valid claims filed in our BK case so I guess the Trustee is just attempting to cover the fees of the attorney she hired to research our case and whatever (if any) fees she is entitled to. Looks like our case could be left open for some time (sigh). Would be nice to have it formally closed but it is a relief to at least have the discharge & to be able to move forward.

Now if I can only get the credit reporting issues resolved. I think I get things corrected & then a few months later certain items again show up as incorrect!!!!

[ready2puke]

I'm alitte confused. If a asset case is left open for whatever reason..it can still be discharged? Seems like the trustee couldnt couldnt discharge if there were pending issues...

[epiphany]

Congrats Boscoe! Very long road for you and I am glad that you have

CLOSURE!

YAY!

ep