Has anyone EVER had an asset case close?

[bkadv]

We filed bankruptcy in September of 2005. The case became an asset case because the trustee wanted our tax return. Well it's now over a year later, and the case is still not closed. Just wondering if anyone has any experience in asset cases, and how long it takes to close them.

[BassBoy]

I filed Oct. 05, asset case (tax refund), discharged Feb. 06 and I'm still awaiting closing. My understanding is that it can take up to a year or so after the discharge until your case is closed. The Trustee has to wait for a claims to be filed (which is about 60 ro 90 days after the discahrge date), then the Trustee has to prepare his/her final report of dispursements and fees. Then, all of that paperwork will go to the US Trustee, where it can sit for a few months. Then, the US Trustee has to have that approved. Then the checks will be cut.......ah forget it, this can be a year long process and I guess once you get your discharge, it depends on how quickly the paperwork get processed.

Waiting sucks, doesn't it?

[ccidiot01]

Follow up Q. Do lenders look at the closing date or discharge date when evaluating a credit file? We have a 3-5 year plan to buy a new house. Our case is an Asset case, so i'll assume it could take up to a year to close.

Say our case discharges on 04/01/2007, but closes on 04/01/2008, we apply for a mortgage on 04/01/2010...would creditors see us as 2 or 3 years out of Bankruptcy?

[Minnymouth]

From your date of discharge is how long you have been out of bankruptcy...... Once you reach that date the reset is between the Trustee and the courts...... you are basically out of it......

I was discharged in Oct of 04 but my case is still open...... DUH..... due to assets and the Trustee "dragging his ASS"................

But when I applied for a new home loan they considered me being out of BK on the discharge date of 2004........

[ccidiot01]

Thanks Minny!!!

[dweebolina]

We closed our Ch. 7 asset case a little over a year after filing. Our Trustee was on the ball with all of his cases and the US Trustee signed paperwork within a few days of him getting it.

Good Luck!!!

[pleasejustclose]

From your date of discharge is how long you have been out of bankruptcy...... Once you reach that date the reset is between the Trustee and the courts...... you are basically out of it......

I was discharged in Oct of 04 but my case is still open...... DUH..... due to assets and the Trustee "dragging his ASS"................

But when I applied for a new home loan they considered me being out of BK on the discharge date of 2004........

So can you still go on with life as far as applying for loans, when your case has been discharged but not closed?

[bkadv]

That's where I'm always worried, like if we needed a new car etc...the case is still technically active. Yeah, Bass Boy it really sucks! Thanks to all who replied. Even after all this time I still seem to need support, and it's still not much easier. Sure wish these BK courts would move a little quicker!