Chapter 7 assets

[mbardera]

Filed March 29,2008
341 meeting May 29,2008
Discharged July 30,2008

I had looked on Pacer and found alot of info. Found out trustee has his owned company (attorney) working for him (court approved) to help liquidate assests. Per their request, we turned in paid off truck. I did come across "Individual Estate Property Record and Report Asset Cases". The trustee has listed all of our assets: savings checking household furnishings, 3stock shares (amounts total: $9,000.00) etc. He has the form listed in columns listed as: Asset Description, Petition/Unscheduled Values, Est. Net Value (value detemined by trustee), property abandoned, sale/funds received by the estate, asset fully administered(fa)/gross value of remaining assets. Do all trustees write this up? What is the statue of limitiations on the rest of the assests? At the bottom ..Major Activities Affecting Case Closing: 9/5/08 Trustee is investigating posible equity in vehicles. and Initial projected date of final report (tfr: May 14,2009 --Current projected date of final report (tfr): May 14,2009.

[JRScott]

I'm not sure if all make such a statement.

However to close your account they have to sell all property turned over and distribute amounts to the creditors.

[mbardera]

It seems like they are going to pick and choose on their ole time what they want, to drag this out? We will do what they want, want this over and get on with our lives. I have a wrecked car that a person wants (they valued at $100.) but afraid to sell. Said the final date to report any extra funds to be 12/1/2008, but can I sell? Down to 1 vehicle now (paid off, they valued $1200) but will need another when I start back to work in March 2009 (I'm saving to pay cash, no payments!) We had filed c13 in 2000 and learned our lesson about cc's! We haven't had cc since then. We had owed nothing (still don't) to anyone but our house (foreclosed) My job turned into seasonal (economy) and I do get paid well when working. At my age (58) finding the same wage is impossible! So my husband and I figured it out for me to take the unemployment and so we lost our house. Bank would NOT work with us! We were trying to set ourselves up for retirement and now to lose it all, it's not fair! Yes, I'm venting....

[mbardera]

Also, I forgot to add....my lawyer and I have been trying to get the final figure that is owed on the house (the figure we had bk on) after it was forclosed on then sold for less money than owed. My lawyer asked the trustee if he had the figure, he stated that he did not and didn't expect to recieve that figure. If something happens that we either inherit money or win the lottery, they would be able to go after that money. So...we have no idea what amount is being bk since no figure of money can be found out. It's about $15,000 plus however the bank figure the interest was added. What can we do to find out that figure? Thanks so much!

[JRScott]

You might call the bank and see what they sold it for and compare to what you owe.

[mbardera]

I did recieve a 1099-A that indicated balance of principal outstanding $114,778.61 and on that was fair market value of property $84,000.00 and also received judgment entry confirming sale and ordering distribution of sale proceeds of $100662.64 from the court: 1st - to the clerk of courts $1790.01, 2nd - to plaintiff $98,872.63. All of this was before our bk and was included on the bk. Prior to the sale of house received notice of forclosure from court of the amount stated $114,778.61, interest accured, and cost we were instructed to pay. So would there be all the interest and cost added to the outstanding principal? I guess when all is said and done the difference between principal and the sale of house then liquidating will be close to balance of principal without the interest and cost.
Contacting the bank for outstanding balance...my lawyer and I got bounced around with no answer. Reading all the horror stories about how the trustee came after money after bk was closed. I just want to keep tabs on how much will be left after liquidating in case we ever receive any large sums of money...don't ever see that..but? When I questioned my lawyer, he said not to worry? Like everyone else, thanks for this forum!!!!