The process after discharge - BK7 asset case

[PhillyGuy]

I have questions.... I have been looking around this fourm and online for the steps or paperwork i should keep an eye out for.

Discharged in Feb.

Creditors date to file for assets is early next month.

Trustee already has asset in hand.

Notice of abandonment filed and date for creditors to object is again early next month.

After these two dates pass, and hopefully no objections, whats next?

Distrubution of assets to files creditors?

Trustees final report?

Clousure?

And if my house is listed in the abandonment notice, does that include any assets at the house?

When can i start saving money in a savings account without worry the trustee will want it as an asset?

Thanks

[despritfreya]

It will take a very, very long time for the Trustee to distribute assets. Anything abandoned has been returned to you to do with as you please. The only items abandoned are those listed in the Notice the Trustee issued. If he abandoned the house but not your personal property then he abandoned the house. Personal property which was not on the list in the Notice remains property of the estate subject to any allowed exemption.

The process for the administration of the assets is long. Once the bar date for the filing of claims passes the Trustee will have to review those claims and object to any that need objecting to (like duplicate claims). Once all objections (if any) are resolved, he will file a Notice of Proposed Distribution (after he gets the US Trustee to agree). Creditors are given a window to object to the Notice. He will also submit his own application to the court for approval of his fees. This may or may not be a separate motion from the Notice of Proposed Distribution. If no one objects he will then distribute the funds. He will have to wait for all checks to clear before he can begin the process shutting down the case.

There are many steps the Trustee has to take and this could take months and months and months. If there is a specific item in your home you want abandoned you might want to contact the Trustee to see if he can do another Notice to Abandon so that you can move on while he does his job.

As to saving money, you were free to begin that process the day after you filed bk so feel free to start rebuilding.

Des.

[CCsAreEvil]

In my case, it's been 3 1/2 years since my discharge. Funds were barely sent out for distribution a few months ago. I'm actually sending a letter to find out what's holding up the asset distribution. I'm assuming there might be a couple of outstanding creditors who have not yet cleared their checks? Anyways, I don't expect yours to be open as long as mine.. but don't be surprised if your case stays open for 1-2 years.

Meanwhile, I have been able to rebuild my credit. I have a couple of credit cards and was able to buy a used car at 3% interest (did this just 2 years post discharge). The most important date was really the "discharge" date.

Happy rebuilding!

[AngelinaCat]

We were discharged August 2008, and Closure came in November 2009.

[tobee43]

In my case, it's been 3 1/2 years since my discharge. Funds were barely sent out for distribution a few months ago. I'm actually sending a letter to find out what's holding up the asset distribution. I'm assuming there might be a couple of outstanding creditors who have not yet cleared their checks? Anyways, I don't expect yours to be open as long as mine.. but don't be surprised if your case stays open for 1-2 years.

Meanwhile, I have been able to rebuild my credit. I have a couple of credit cards and was able to buy a used car at 3% interest (did this just 2 years post discharge). The most important date was really the "discharge" date.

Happy rebuilding!

funny, i think the exact opposite. while i believe the discharge is very important, since it stops the collection of any debts of those you listed forever, it's the close order that seals the deal. i'm just wondering why you feel the discharge date is more important than the actual closing of the case?

i know someone that's been an "open" asset 7 just about 7 years now and he has so many problems getting credit because every time he applies they tell him he has a open bk. so, somehow, at least in this case it is something that shows up as a huge negative, like the bk is not bad enough. i have never or i can't say i have ever seen how it's reported to the credit agencies. i just recall the discussion we had about how he couldn't take advantage of a credit offer for a mattress he wanted to purchase at 0%, because that company told him no, you have an open bk and we will not extend the 0% offer to because of it.

again, it's a matter of opinion, i wanted those 2 orders in hand, as it happened both orders the discharge and the close order arrived on the same day in the same envelop from the fed bk courthouse. one happy moment for me!

[ellis2156]

If you are buying back assets, is that the same procedure as listed above?