Surplus Funds in Chapter 7?

[Mrsawiggins]

Their may be a about 1500.00 in surplus funds because only two unsecured creditors made claims.
Will they extend the time for the other unsecured creditors to make claims? Or return the money to us?

[southernbelle]

Do you mean money left over from the sale of assets sold? I am curious about this about this as well. I thought assets were liquidated after claims were made so that everyone knows how much the Trustee needs to go after.

[Mrsawiggins]

Trustee already has the money, asset was already liqidated. Only two creditors made a claim.
After he divides the money between them and his own commission there will be a surplus.
Creditors had 90 days to make claims and only two did.
Strange.....

[Boscoe]

good question.....after deducting the admin fees that go to the trustee, I would think that YOU will get it back. How many creditors did NOT file claims? Normally, it would suggest that you were not actually "bankrupt" when you filed.

Anyone?

[Mrsawiggins]

It was originally a "no asset case" we listed our vehicle as exempt.
Trustee disagreed & we paid a lump sum for it with a family members money.

The creditors then were given notice that it was an asset case.
They have had 90 days to file claims. Only 2 did!

[HHM]

You should get a refund of any excess funds.

[JRScott]

The Trustee will not extend the period for creditors to file. Any excess he collects during his work will be returned to the debtor.