Closing timeline if you have assets?

[LostOne0069]

We're about to file ch7 bk (just paid the attorney retainer yesterday) and I was wondering about the timeline for discharge/closing when you have assets.

I know from the many, many posts on here that a "no asset" chapter 7 is usually 3-4 months unless there is some kind of problem.

I don't expect any "problems" (knock on wood) but we do have "assets" that the trustee may decide to collect and sell. Nothing really valuable, no house or realestate, but things like some woodworking machinery (table saw, band saw etc.), a laptop computer (worth about $1000) etc. etc. not a lot of these, but maybe 5-7 items worth $500-$1000 each.

If the trustee decides to take these and sell them, how does this work and how long will it take to get a discharge and close? Do they collect the assets during the 60 day waiting period or after that? Do they give a discharge before collecting the assets or not until the assets are collected and sold?

Any help would be appreciated!

[SinkingFast]

It kinda depends on the Court and their level of organization.

I remember reading one post where the filer was told specific items to turn. There were given a location address, an assigned date and time to turn in their items. That Court had a central collection location.

That may be the case other places as well. The Trustee will tell you what, if any of your items the Trustee wants to sieze, and where you need to deliver them to.

Or maybe the Trustee has a rolling collection unit. 2 guys and a Truck. The Trustee gives them your address with a list of what to pick up.

But then, you'll have to get thru the sale of the items, and the Trustee will allow a set period of time for Creditors to make claims on the proceeds.

Someone posted earlier today, their Trustee is giving Creditors 90 days to file claims against the remaining portion of their income tax refund.

[LostOne0069]

Well, I hope that they pick stuff up here as I have no way to haul several large woodworking machines around town to deliver them.

Do you know if the discharge is held up waiting for the items or would we still get a discharge 60 or so days from the 341 (barring complications, of course) and then just not get the "close" until the assets were sold?

Thanks!

[SinkingFast]

You might check with BK on this one. Seems he/she's discharged but not closed.

http://www.bankruptcyforum.com/t7430...-to-close.html

That's the thread about the income tax refund. 90 day extension on closing for Creditors to claim their part of the refund.