BK Estate Existance

[BK Nightmare]

I filed BK in Colorado on 7/19/06. It was discharged on 10/25/06.
In May '07 the trustee decided to sell property I owned in another state. How long can a BK estate exist before it is closed?

[HHM]

Strictly speaking, once the BK estate is created, it never terminates. What happens is any exempt property and/or abandoned property is returned to the debtor upon discharge. But it is odd (but not unheard of) for a case to open this long.

[inhocknow]

Strictly speaking, once the BK estate is created, it never terminates. What happens is any exempt property and/or abandoned property is returned to the debtor upon discharge. But it is odd (but not unheard of) for a case to open this long.

Hello, a Bankruptcy estate is alive and active forever? Thank you for your great amd fantastic help.

[lrprn]

Hello, a Bankruptcy estate is alive and active forever?

Alive and active in the legal sense, yes.

When there are disputed assets as in this case or fraud is proven after closing, the trustee can re-open the case and deal with the assets involved.

By the way, the original poster did not say his case was closed, only discharged. My guess is that the trustee did not close the case until he/she decided what to do with the property asset. This same thing can happen when a trustee is waiting to see the amount of a tax refund that may come months after the original Ch 7 discharge.

[BK Nightmare]

Correct, my BK has not been closed. The trustee is in the process of selling the property to my siblings. For legal and medical reasons it has drug on for nearly 6 months now. The trustee has a very cold heart and is anxious to receive his fee. By the way, how much do trustees receive for the hard work? I read somewhere that it is usually 8% of the amount discharged.

I guess my original question was, how long can a trustee wait to decide to sell off assets? Is there some time limit to close? I waited 10 months, not knowing what or if anything was going to happen. I gave him appraisals of the properties so it wasn't like he had to research the value.