What does potential asset mean?

[prayinginMN]

I filed pro se on 04/27/09. The Creditors Meeting was on 06/12/09. On 06/16/09, PACER says, "Meeting of creditors concluded and potential asset case."

Now, on 07-08-09, absolutely no word since then. Nothing from the trustee or court. What would this potential asset case mean? And wouldn't the trustee contact me? I HATE waiting and waiting. I'm scared. The trustee told me at the meeting that he "strongly recommend you hire an attorney." I don't have much, as far as assets, so I really don't know what this would be about.

[poorold]

I think I'm in the same situation except the trustee simply told me if he contacts us (my wife and me), I should not delay in getting back to him.

It would be in relation to equity in a vehicle that may not be exempt in total.

My case update said creditors meeting held and concluded. no nice little diddly about no assets to distribute so I'm sure he's doing his evaluation.

I'm not sure but I think the trustee can only challenge the application of exemptions for up to 30 days following the creditors meeting. If so, you only have a few days to go.

justbroke or HHM would know.

[AngelinaCatHub]

I think I'm in the same situation except the trustee simply told me if he contacts us (my wife and me), I should not delay in getting back to him.

It would be in relation to equity in a vehicle that may not be exempt in total.

My case update said creditors meeting held and concluded. no nice little diddly about no assets to distribute so I'm sure he's doing his evaluation.

I'm not sure but I think the trustee can only challenge the application of exemptions for up to 30 days following the creditors meeting. If so, you only have a few days to go.

justbroke or HHM would know.

True, JB and HHM would help more than I, but from my perspective, and not knowing all that went on in the 341, I personally would wait it out and see what comes up. You could call the Trustee's clerk and ask her/him as to what your case looks like. Get onto PACER for sure. Without further info, this is the best for me. 'Hub

[justbroke]

Well, at least the Trustee didn't file a statement of presumption of abuse under 707(b)! You're passed that 10-day post-341 Meeting notification. Yes, that's a good thing!

The "potential asset" case probably means that the Trustee doesn't like one, or more, of the exemptions you claimed. If the Trustee finds something, like a future tax refund, it will be an asset case. This won't affect your discharge, but could mean you have to turn something over the the Trustee.

Perhaps you didn't account for a really large tax refund that you normally receive? Perhaps there is one or more exemptions claimed incorrectly and you have exposed some asset.

I'd just wait it out. You've passed the first two hurdles!

[prayinginMN]

Thanks. I appreciate all the feedback. I'll just hang on for now.