Question?

[krp]

This may be a stupid question, but if you filed a chpt 7 and it becomes a chpt 13 what happens?

In our case, assets became available and I think they will switch our case. At the very least I know the Trustee has petioned to make it an asset case. If we can PIF all debts, do they still take just a % or all plus fees etc? Are we given the option to have a monthly plan or do we have to just PIF right away if we liquidize our inheritance $$/stocks.

We have no problem settling and wish we would have known that we were coming into this $$. But right now it seems to suck that the trustee is getting his share that could have gone directly towards us clearing up our mess.

[StaciMM]

Based on what you said here & in the other post, I don't think you'll turn into a 13. That would happen if you had extra money each month to pay.

Since your issue is that you came into a non-exempt asset, I believe the trustee would take the asset, distribute it among creditors, keep his share, etc.

If I read correctly-you said in the other post your debts were already discharged, right? That basically means you no longer owe them BUT the creditors have a right to make a claim against your BK estate. In BK, everything is divided into pre-filing and post-filing. If you had it before filing -and your exemptions didn't cover it - then once you file you no longer own it, it becomes your BK estate and the trustee oversees it. Kind of like when you have a child, I guess! The child is yours in a sense, but he/she is his/her own person.

With an inheritance it can be taken as part of the BK estate even if you don't come into it until after filing. (I don't recall for sure-its either 6 or 12 months I think.) The best explanation I can think of is that even though you didn't know you were going to get it, you were already entitled to it. (Because you were already listed in the will when you filed.)

[Minnymouth]

Sounds like the Trustee is going to make sure he distributes it all else where, including his own pocket.....

Sit down, have a good cry, say it's only money (yeah-sure), and count your blessings....

Tomorrow is another day and another dollar!!

Besides it's EASY TO MISS what you NEVER HAD!!!!

Minny

[krp]

Staci, you are the best. Yes, we had a discharge. Then the trustee "found assets". He filed something that allowed creditors to come forward to make a claim, and now we are in limbo again. Is there anyway to tell which/what/who came forward and made a claim. Honestly, many of our debts were into their 3rd collection agency and I know some of them had already been written off, I just want to know which ones bothered and how much we are looking at now. I haven't been able to find this on Pacer and I haven't been able to talk to our atty all week! ARGH!

[StaciMM]

Not sure. I imagine there is a deadlin for filing claims, but I don't know how much time is allowed. Even if the debt is written off, they can still make a claim. Its really just an accounting term for the creditor.

[Lightning]

Maybe you should become a trustee and make some money.