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    #1

    No-Asset Cases

    Who and when is it decided that you have a "no asset" case? Is this why you file a Chapter 7? Aside equity from homes, what could be considered asset cases? How much is considered a recoverable asset if a large sum of money is owed to creditors, say $56k and a surrender of a home? Hope this makes sence.
    CHAPTER 7 FILED: 1/18/2008: 341: 2/19/2008
    DECLARED NO ASSESTS: 2/20/2008
    OBJECTION TO DISCHARGE DUE: 4/21/2008
    DISCHARDGED & TERMINATED:4/22/2008
    Tags: None
    #2
    When you file you claim no asset if you have none that are not exempt. AFter the 341 sometimes before the trustee looks into your file and if they find something they ask about it if it is not exempt then your case changes from a no asset to asset.
    Sometimes life make you deal with ugly and hateful people ,just think of them as sand paper. They may scratch you and rub you the wrong way but eventually you end up smooth and polished and the sand paper becomes old and worn out.

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      #3
      Assets are things like your tax return (that can't be exempted) or property (like my stinking engagement ring!) that can't be exempted. The trustee usually decides at your 341 whether you are asset or not.
      11/14/07 -filed C7 12/04/07 -case pulled for random audit.12/18/07 -341 held: Asset case due to engagement ring & tax return.02/19/08 - US trustee files motion to extend. 04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!!

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        #4
        Basically, anything of value that cannot be covered by your exemptions is an asset.
        And the trustee decide what is and is not an asset case.
        7/01/10 - filed!
        11/20/10 - discharged and closed

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