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What does this mean

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  • What does this mean

    Our AP trial is in Dec. I just got a letter in that states at top:
    "Notice of Need to File Proof of Claim Due to Recovery of Assets"
    It's a form for creditors and the letter states, "Since this notice was
    sent,assets have been recovered by trustee". Assets???? I have no
    assets??? Also if there were any assets for the trustee to "recover"
    then does this mean I'm getting a discharge? How can a trustee or anyone
    claim any of my so called "assets" without my knowledge or consent when there's
    a court date pending??

    Man this is all so confusing!

  • #2
    It means that you are an Asset case. The Adversary proceeding, from a prior post, seems to be related to title issues with a property that you owned. If it had in fact been QC'd to you, or there are other defects in the title, the Trustee would be VERY interested in recovering the property.

    The Trustee is required to provide the Notice to unsecured creditors that a "claims bar date" has been established since non-exempt assets were discovered or recovered. The Trustee files the AP in order to sue for recovery of the asset. Technically, none of this should hurt your discharge, unless the Trustee finds that you were otherwise dishonest or fraudulently withheld information.

    The Trustee has the power to declare an asset case if the Trustee so much guesses that s/he "may" be able to recover an asset or assets for the unsecured creditors. It doesn't necessarily mean that the Trustee "will" recover an asset and liquidate, but that the potential is there.

    This doesn't affect your discharge; it affects your case administratively closing. One thing I would tell you... make sure ALL of your unsecured creditors are listed on the schedules! If they are not, and this is a true asset case and a distribution is made, then any debt not listed, whether inadvertent or not, would not be discharged!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Thanks Justbroke, I really appreciate the insightful response. What I'm also confused on is that the property
      that was quit claimed back to me has no equity in it,at least to my knowledge. Why then would the trustee
      have an interest in it? I have no other assets whatsoever,I'm literally starting over. My primary I am still living
      in as the trustee lifted the stay and I'm just waiting for BOA to put the hammer down eventually. Hoping maybe
      we can work something out w/a private investor to keep it.

      If you don't mind,could you elaborate a little further on this:

      "This doesn't affect your discharge; it affects your case administratively closing."

      Thanks

      Comment


      • #4
        Originally posted by faroff View Post
        Thanks Justbroke, I really appreciate the insightful response. What I'm also confused on is that the property
        that was quit claimed back to me has no equity in it,at least to my knowledge. Why then would the trustee have an interest in it? I have no other assets whatsoever,I'm literally starting over. My primary I am still living in as the trustee lifted the stay and I'm just waiting for BOA to put the hammer down eventually. Hoping maybe we can work something out w/a private investor to keep it.
        The only thing I can say, without knowing or trying to guess what's in the mind of the Trustee, is that the Trustee must see a defect in which the Trustee can avoid the lien on the property. When the Trustee sees a defect and can avoid the lien... equity means nothing! There is no longer a secured claim (or lien) as this point and the Trustee is free to sell the property "free and clear of liens".


        Originally posted by faroff View Post
        "This doesn't affect your discharge; it affects your case administratively closing."
        None of this affects a discharge. You should be granted a discharge as soon as reasonably possible after the last date for filing a complaint for non-dischargeability. Case closing is an "administrative" function and it includes the Trustee providing a final report, to the court, indicating if assets were distributed or not. In an asset case, closing can take as much as a year or two... depending on what type of litigation the Trustee must go through; or, in real estate cases, how long to sell property. In a no asset case, the case usually "administratively" closes within a few days or so, unless there are outstanding issues -- such as the debtor's certificate of compliance with the requisite education required for discharge.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          The trustee is covering all of the bases. While in the long run there may not be an asset to recover, the trustee can and will go ahead and turn you into an asset case. There are timelines to follow, and the trustee is making sure that if anything is recoverable, it is done in the proper time.
          All information contained in this post is for informational and amusement purposes only.
          Bankruptcy is a process, not an event.......

          Comment


          • #6
            'The trustee is covering all of the bases. While in the long run there may not be an asset to recover, the trustee can and will go ahead and turn you into an asset case. There are timelines to follow, and the trustee is making sure that if anything is recoverable, it is done in the proper time."


            Thx Frogger. I got a copy of the form that creditors need to fill out from an attorney representing a creditor today.I have absolutely NO
            assets but I guess the trustee thinks he can sell the old house and make enough to pay some creditors. I don't know.

            So the letter states that the "trustee has recovered some assets"??? Do I have the right to find out what assets these supposedly
            are?? If for some strange reason he can actually sell this house and make a few bucks, does he pay the creditors and may or may not still
            give us a discharge?

            I know I need to discuss this with my attorney which I am,but in the meantime I'm trying to gain some knowledge which I'm gaining from
            wise folks such as you and "JustBroke". Thanks!

            Comment


            • #7
              Originally posted by faroff View Post
              So the letter states that the "trustee has recovered some assets"??? Do I have the right to find out what assets these supposedly are?? If for some strange reason he can actually sell this house and make a few bucks, does he pay the creditors and may or may not still give us a discharge?
              Slow down and chill.......

              The alleged asset recovery has absolutely nothing to do with your discharge. Understand that the trustee makes his/her money (the real money!) by recovering assets and getting a commission on them.

              You will find out what the assets are.

              Your attorney can speak with the trustee and find out what they are, or you can wait until you get the letter from the trustee compelling you to turn them over.

              At the point in time the trustee compels you to turn them over, or perhaps before, you will be able to offer the trustee a $$$ amount of some sort to purchase the assets back if you so choose.

              Don't make a bigger deal of this than it is. You and your case are nothing special, the trustee is just doing his/her job.

              BK is a process, not an event.
              All information contained in this post is for informational and amusement purposes only.
              Bankruptcy is a process, not an event.......

              Comment


              • #8
                "Slow down and chill....... "

                Easier said than done,BUT I agree with you.

                "The alleged asset recovery has absolutely nothing to do with your discharge. Understand that the trustee makes his/her money (the real money!) by recovering assets and getting a commission on them."

                Understood. This is all about making money for the trustee. Our lives,but him making money. However I understand how it works.

                "You will find out what the assets are.

                Your attorney can speak with the trustee and find out what they are, or you can wait until you get the letter from the trustee compelling you to turn them over."

                Great, that is good to know! Thanks!

                "At the point in time the trustee compels you to turn them over, or perhaps before, you will be able to offer the trustee a $$$ amount of some sort to purchase the assets back if you so choose."

                Interesting I did not know that. That is good to know.

                "Don't make a bigger deal of this than it is. You and your case are nothing special, the trustee is just doing his/her job.

                BK is a process, not an event."

                I agree and understand. I guess it's like the surgeon who has performed the surgery a thousand times but it's the first for
                the patient. Wife & I are trying to maintain our sense of humor throughout this. Figured just our luck to have what we thought
                was a simple BK case turn into a AP. Oh well have to deal with the cards your dealt. This process started exactly 1 year ago. We
                filed in Sept.2010. So we are still chugging along!

                Thanks again for your insight and advice. Very greatly appreciated!

                Comment


                • #9
                  Originally posted by faroff View Post
                  BK is a process, not an event."

                  I agree and understand. I guess it's like the surgeon who has performed the surgery a thousand times but it's the first for
                  the patient.
                  And everyone here understands your perspective as well. It's a lot easier to look at someone else and their filing than your own.

                  Thankfully, I have only done this once, and hope to never have to do it again. I do however, see many filings and if there is one thing that you learn, they are pretty much all the same.

                  There are rules, time deadlines, paperwork, more paperwork, more paperwork, hurry up and wait, and more paperwork.

                  With the exception of the people that try to game the system, and the people that made honest mistakes, everything is pretty much cut and dried.

                  So......... chill and have a cold one.

                  After all, it's 5:00 in Froggerville!
                  All information contained in this post is for informational and amusement purposes only.
                  Bankruptcy is a process, not an event.......

                  Comment


                  • #10
                    "So......... chill and have a cold one."

                    Excellent advice!

                    Comment

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