Quick Question

[Ryersonhead]

Does the trustee keep the remainder of funds of the asset sales if only one or two creditors make claims in a chapter 7?

How is that money divided up? Anyone know?

The asset sale was under 3,000.

[lrprn]

Does the trustee keep the remainder of funds of the asset sales if only one or two creditors make claims in a chapter 7? How is that money divided up? Anyone know? The asset sale was under 3,000.

Do you mean assets you've sold yourself before you file or assets the trustee sells after you file?

[Ryersonhead]

reply

This was a single asset from the estate the trustee sold after we filed.
So far only one creditor has made a claim in the chap 7 case.

[lrprn]

This was a single asset from the estate the trustee sold after we filed. So far only one creditor has made a claim in the chap 7 case.

In an asset Ch 7 case, the trustee sells your non-exempt assets and then disperses the cash to each of your creditors that file claims before the deadline. After that amount is dispersed, if there is any money left over, eventually this amount will be returned to you. You can't be forced to pay more than you owe.