Help! Checked Pacer-what does this mean?

[EmmaPeel007]

Hey All,

I had my 341 yesterday. I was a CH7 No Assets but I am a party to a family trust (see previous posts). Just checked Pacer and found this update:

"Meeting of Creditors Held on 12/08/2008. Notes: Meeting Concluded. Notification of Asset Case (No Claims Bar Date Required) The trustee hereby notifies the Clerk of the Court that assets will be administered in this case. At this time, no claims bar date is requested."

Any words of wisdom to keep me from freaking? I've just e-mailed it to my lawyer as well.

Thanks!

[Tbornetun]

It means that the trustee thinks that their may be assets in your case to be liquidated and distributed to creditors. Are their any assets that you weren't able to exempt or did you have any preferential payments you made to creditors prior to filing?

[EmmaPeel007]

I think it has to do with the Family Trust. Basically, my grandmother set up a living trust for my cousin. When she passed 10 years ago, I got an inheritance and my cousin got the remainder to support him for the rest of his life or until the money gives out. I don't get any additional money now, but if my 47 year old male cousin should pass away and not have any kids then I inherit some more money from the estate.

There's a spendthrift clause in the trust - I can't touch any of the trust money and it can't be liquidated as part of any bankruptcy hearing.

The Trustee wasn't provided with all the Trust documents and mentioned that she needed to see them. I'm hoping that's all it is about, because we really don't have anything to sell that would bring in any cash.

[EmmaPeel007]

Well I heard back from my attorney and he said that it means the trustee is making her own review of whether or not the trust can be broken. She has a duty to investigate and check these things out. I asked if I should be worried and he said this is nothing to worry about.

Which is easier said than done...