2 Quick Questions and a Thank You!

[tacosowner]

First off, Thanks everyone for the knowledge in this board, I have only posted a few times, but have lurked all through my BK. My BK went great (relatively speaking) and it was Discharged 05/05/08!! Once again Thank You Bkforum.

2 questions

First - My Nissan lease was included in the BK and I have been making payments just to keep driving the car, I have 9 months left and have found a cheaper car to buy. I did not reaffirm the lease and Nissan has sent me a letter that "you are not personally obligated nor individually liable to pay the debt that is secured by this vehicle" Also my credit report shows "Included in Bankruptcy, paid on time" - last reporting 01/2008. Am I able to turn in the truck with no hassle? and are they able to hit me with any excess wear penalties?

Second - For my brother (we had identical BKs - owned a business together). He has assets of apprx 15,000 for distribution to creditors. They have until 06/06/08 to file a proof of claim. So far only 8,000 has been claimed. I know this is a long shot, but what if it stays at 8,000. Does he get back the remaining assets that are not claimed? What happens with any remaining money?

Both cases were in Nebraska

Thanks again!

[FreshLikeADaisy]

Tacosowner, congratulations on your discharge!!!

1) You're free and clear. If you don't want the car anymore, call the lender and ask where you can drop it off. Once you've done that, cancel the insurance and call the DMV to get your name off of it. Excess wear penalties would be pursuant to the original debt, which is now entirely discharged, so no worries there. HOWEVER, be sure you keep insurance on the car until they physically have it in their possession and you've done the DMV paperwork to get your name off of it, just to save the potential hassle of what would happen in any accident in the meantime.

2) It's rare, but it does happen that unclaimed assets are returned to the filer. Keep in mind that the trustee himself is going to take a chunk of change for administering the bk estate; you should see his own claim in there as well. If you don't, then expect it, because nothing's actually done and over with until he gets his cut. Maybe someone with actual experience here will speak up and give you more detail about what to expect, but this is what I have heard repeatedly.

Hope this helps. Good luck!!!

[tacosowner]

Thank you for the input - Helps a lot