My Assets after Discharge!

[RBisDebtFree]

So now I am an asset case, it seems like the trustee is only going for my house and nothing else. But at what point are my assets final-exempt, at what point can I sell my car and buy a new one? I can't understand from my attorney but he's responsibilities ended at 341 Meeting, he was polite enough to answer a lot of my questions afterwards but I cannot take too much of his time without paying him.

My 341 was on Oct 1st, trustee made my case an asset case Oct 22nd, I don't have my Interim Report and my attorney says that he can go back to the trustee and ask about my assets after 30 days after 341. I don't want to do that, it might trigger the trustee to become more interested in my assets (I don't have much but that's the reason).

So my question is: when I get my discharge, can I assume that I get to keep all the assets that I exempted? Or does the trustee have till closing of the case to take my assets now that I am an asset case?

Thank you everyone!

[want2save]

Hope you get an answer to this......I never really did! BUT, my lawyer said I could do as I wished with my IRAS. I am discharged but not yet closed as I was also an asset case. Plus, my home was exempt and I plan to pay off my HELOC before the BK closing with my IRAS so I can get a Reverse Mortgage. I have it in writing from the lawyer that I can liquidate the IRAS so if he is wrong and there is a problem I look to him....

[RBisDebtFree]

Do you know if he wanted you to wait for your discharge and then told you that you could do with your IRAS whatever you want? If so, then I'll just go back to my attorney after the discharge.

[backtoschool]

Do you know if he wanted you to wait for your discharge and then told you that you could do with your IRAS whatever you want? If so, then I'll just go back to my attorney after the discharge.

Any assets that are fully administered by the trustee should be yours to do whatever you want with after discharge. At some point soon, the trustee will have to file an interim report which will tell you which assets have been fully administered. There will be a column in a spreadsheet-like table that will have a bunch of "FA's" in it. Those assets are yours to do what you please with after discharge.

[want2save]

Thanks BackTo School. I was discharged Sept 23rd and have still not seen an interim report. I purchased back my car and van from the trustee and my motorhome was picked up by an auctioneer and will be auctioned off on Nov 14th. (all were lien free). The date for creditors to file claims was Oct 23rd.

RB, I was concerned about the IRAS as there was a PRECAUTIONARY objection awaiting proof that the IRAS were in fact IRAS, which they were. After my discharge my lawyer said I was free to do with them as I wished.

[backtoschool]

Thanks BackTo School. I was discharged Sept 23rd and have still not seen an interim report. I purchased back my car and van from the trustee and my motorhome was picked up by an auctioneer and will be auctioned off on Nov 14th. (all were lien free). The date for creditors to file claims was Oct 23rd.

RB, I was concerned about the IRAS as there was a PRECAUTIONARY objection awaiting proof that the IRAS were in fact IRAS, which they were. After my discharge my lawyer said I was free to do with them as I wished.

It may be the case that you won't have an interim report and the trustee will simply file a final report. In any case, if your assets were not objected to, 30 days after your 341, you are free to do what you want with them at this point, since you are discharged.

[Bankruptcy20]

Tangent question, sorry to digress a little,

But when you actually get discharged, do you get a "blanket" statement or does it list EACH debt you are getting discharged (like the creditor matrix at the time of the filing)?

Was just curious after reading this post, thanks

[backtoschool]

Tangent question, sorry to digress a little,

But when you actually get discharged, do you get a "blanket" statement or does it list EACH debt you are getting discharged (like the creditor matrix at the time of the filing)?

Was just curious after reading this post, thanks

If you are an asset case, in the trustee's final report it will list what assets were distributed and who got what. If you are a no asset case, it will just list the total of your dischargable debt in the report of no distribution.

[Bankruptcy20]

Thanks, sorry for tangent

[RBisDebtFree]

So from what I read, I understand that the safest is to wait till after the discharge and sell do whatever you want to do with the assets you exempted? Or is 30 days after 341 just as good?

[backtoschool]

So from what I read, I understand that the safest is to wait till after the discharge and sell do whatever you want to do with the assets you exempted? Or is 30 days after 341 just as good?

I would wait until discharge to be safe.

[RBisDebtFree]

I guess that's what I'll do. Thank you backtoschool and thanks to everyone else for the advice and information!

[BobMango]

My attorney advised that I could sell assets 30 days after my 341, or basically once the trustee has indicated they have no intention of going after them, but unless I was really hard against it (and who isn't around here), I'd do as others advise and wait until discharge just to be sure.

[RBisDebtFree]

Yes, that's probably what I will do. Thank you!

[cupcake]

It may be the case that you won't have an interim report and the trustee will simply file a final report. In any case, if your assets were not objected to, 30 days after your 341, you are free to do what you want with them at this point, since you are discharged.

This is true as long as the trustee closed the 341. If the creditiors' meeting isn't officially closed, the 30-day period never starts running and the trustee and creditors have unlimited time in which to file objections to exemptions. Property can not be transferred until the expiration of that 30-day period.