Question Timeline/Reg: DECIDE upon a "no asset" or "asset" case?

[petey]

Hi! Hope all are well! New to the site and impatiently waiting and worrying...our attorney says they don't have the answers to our question and simply "don't worry!"....

How long does the trustee have after 341 and discharge date to DECIDE upon a "no asset" or "asset" case?

If they decide to pursue potential equity in a home, how long can they wait to make this known?

Filing date was 2/5/2010...341 was 4/1/2010...discharge was 5/15/2010...

Equity in our home is growing just solely on over $450/month in principal each mortgage payment...housing market is improving just with the change in weather...value of a home when filed (early Feb vs now) and now are obviously going to be different...what is the rule for this? Is there a timeframe that they must file either a no asset or asset report by? Impatiently waiting and worrying....

Thx!

[justbroke]

How long does the trustee have after 341 and discharge date to DECIDE upon a "no asset" or "asset" case?

An asset determination is made before discharge. The Trustee usually knows slightly before the 341 Meeting what they may be interested in. They usually will let your attorney know at or shortly after the 341 Meeting. The reason is, the date for filing claims is usually already set once your case commences!

If they decide to pursue potential equity in a home, how long can they wait to make this known?

Immediately. Again, usually at the 341 Meeting or shortly thereafter.

Filing date was 2/5/2010...341 was 4/1/2010...discharge was 5/15/2010...

The Trustee must file either a No Distribution or a Preliminary Distribution report before the discharge. If the Trustee never filed one, then there's something wrong.

Do you have PACER? If you don't know what PACER is, you don't have it. Just ask your attorney if the Trustee filed a No Distribution report.

[petey]

Thx so much Justbroke! Is pacer available with all the case #s etc?

So, my attorney is aware? The trustee mentioned at the 341 that he wanted to look in to the possible equity in our home...is that enough to mention it verbally? I do know that my attorney has said that the trustee has filed ABSOLUTELY NOTHING since the 341...so what does this mean? How did we receive our discharge?

[petey]

Hi! So I got access to PACER...there are tons of things to look at...the top of the "docket report" looks like this...does this 'no asset' part mean that this cannot be changed?

Assigned to: Robert G. Mayer
Chapter 7
Voluntary
No asset
Show Associated Cases
Debtor disposition: Standard Discharge
Joint debtor disposition: Standard Discharge

[justbroke]

You're still listed as a no asset. There's a PACER primer around here if you search for it. Since you are represented, it's probably best to ask your attorney if the Trustee filed a No Distribution report or not.

[kmbk2b]

I'd love to know, too . . . we have been discharged, however, the TT has not yet decided whether to make us an asset case (it depends on whether or not he can sell our home). So, you can be discharged and still not know if you are an asset case or not.

[petey]

Is there no reg or law or case defining this process? Yes, my case is currently a "no asset" but the trustee can wait until when to decide on changing it? Also, how can he sell my home when now the equity has grown by $500/month since our file date of Feb?

What about the fact that the housing market now...the end of June is different than it was in Feb or even May when we were given discharge?

Just doesnt seem fair but I cannot get answers from anyone...not even on here...

Confused/frustrated!

[kmbk2b]

Our atty said there is no timeline, however, after 6 months he would file a motion to compel the trustee to abandon the house . . . it does seem crazy that they don't have to determine asset vs. no asset prior to discharge!!

[LadyInTheRed]

Also, how can he sell my home when now the equity has grown by $500/month since our file date of Feb?

What about the fact that the housing market now...the end of June is different than it was in Feb or even May when we were given discharge?

I'm pretty sure the trustee has to use the value on the date you filed BK to determine how much of the equity is not exempt.

[ColoradoBell]

Sorry if this is one of those dumb questions:
If you already have your discharge, that means you no longer have the debt, right?
So lets say that when you filed your house ddidn't have any equity over the homestead, but now that your debt (judgment liens) is discharged you would maybe have a little equity.

So if the trustee decides to sell your house....then does the money go to the discharged debt???????? (you can tell I get easily confused)

And if the trustee decides to sell your house, can you then convert to a 13 and say you want to keep it?