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Treatment of assets acquired after filing but before discharge

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    #1

    Treatment of assets acquired after filing but before discharge

    Are they now part of the "estate?" How does one live day to day if everything they take in after they file become part of the estate? You are suppose to wright a check for your mortgage/rent so that the Trustee can pay it. Can anyone explain?
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    #2
    Originally posted by bkinfoseeker
    Are they now part of the "estate?" How does one live day to day if everything they take in after they file become part of the estate? You are suppose to write a check for your mortgage/rent so that the Trustee can pay it. Can anyone explain?

    The main question is: "Are they listed on the assets sheet?"

    How much are the value of the "Assets?"

    Comment

      #3
      Originally posted by Genenco
      The main question is: "Are they listed on the assets sheet?"

      How much are the value of the "Assets?"
      I don't understand. How can they be on the assets sheet if you acquired them after the BK filing date - such as a paycheck (no matter how small). If I am reading the NEW law right that all becomes property of the estate and under the control of the Trustee. Maybe I am wrong? I hope so.

      Comment

        #4
        umm, everything you own and get during the bk process belongs to the trustee, but that doesnt mean they manage each bill and take every check and wait for you to deliver your cash to their office.

        all they are doing is seeing if you have anything extra to pay your creditors a decent amount.
        Im not an attorney or a trustee. You cant trust me either though!

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        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

        Comment

          #5
          Originally posted by bkinfoseeker
          I don't understand. How can they be on the assets sheet if you acquired them after the BK filing date - such as a paycheck (no matter how small). If I am reading the NEW law right that all becomes property of the estate and under the control of the Trustee. Maybe I am wrong? I hope so.

          OK, first you have to tell us what it is.

          If a paycheck, then that can be looked at differently. After all, you don't live free...So that wouldn't matter. However, you sounded like you had gone out and ought some nice stuff and so...

          Comment

            #6
            Originally posted by Genenco
            OK, first you have to tell us what it is.

            If a paycheck, then that can be looked at differently. After all, you don't live free...So that wouldn't matter. However, you sounded like you had gone out and ought some nice stuff and so...
            No not at all. Just read the new law and the changed all the language to not protect anything coming in after filing. Just wanted to get someone's prospective. The Trustee will handle all finances? You even wright a check for rent/mortgage that the Trustee pays for you.
            I am not talking about anything big at all. We are just talking about a paycheck coming in and basic bills and enough cash for food to eat, etc. The new law is just not very clear. Everything (no matter how small) coming in before discharge is open game unlike before Oct 17.

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