I've been reading the forum for a few weeks now and have seen some CH.7's referred to as an "asset case" what does this mean. Do "asset cases" take longer to discharge and close?
Thank you
Thank you
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I think you misspelled basket
Not only am I not a lawyer, the California BAR association has sent me numerous letters telling me not to even THINK about going to law school. In fact, the lay advice I provide is not even good. In the end remember, you get what you pay for, and here in BK land were not the best at paying. -
Ours is a Ch. 7 case that was "non-asset" but is now "asset". "Non-asset" means that on the BK petition, the equity you have in your possessions has safely been protected by exemptions. When you have items whose value exceeds those allowed exemptions, any equity in excess of those exemptions is "non-exempt" and can be liquidated by the case trustee to repay creditors. Supposedly being designated an asset case doesn't delay discharge, but instead of closing occurring at about the same time as discharge, it occurs when all of the assets have been liquidated and creditor claims have been paid.Comment
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You may also be an asset case because of your IRS refund.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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how does the IRS refund make it an asset case?Comment
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It just depends on the state you live in, and whether or not you will be using the homestead credit. We are letting our house go and are not using the homestead credit, and our refund was a little over $21,000 (due to a huge business loss) and we were able to exempt it all.Originally posted by halloweendmb1 View PostComment
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