Unsecured Creditors and an Asset Case Chapter 7

[jwdad]

I am an asset case and all the claims were all unsecured. I cant seem to read the laws correctly. So...these unsecured claims will get any of the money that the trustee attached once I receive it? That stinks as it is my inheritance from family property that has been in our family for decades. I would have used the money most likely to pay bills but the creditors who will most likely get money are ones that drained me dry years ago and now all the money is interest that is left. It really stinks. Back to my question above though....So...these unsecured claims will get any of the money that the trustee attached once I receive it even if they are not priority claims?

[justbroke]

I am an asset case and all the claims were all unsecured. I cant seem to read the laws correctly. So...these unsecured claims will get any of the money that the trustee attached once I receive it?

Yes. They get what's left after the Trustee takes his commission.

Back to my question above though... So...these unsecured claims will get any of the money that the trustee attached once I receive it even if they are not priority claims?

Yes. If you are an asset case and the Trustee is administering property of the estate (whether cash or liquidating real and personal property), the Trustee takes the proceeds and gives it to all the unsecured creditors (priority creditors first).

[jwdad]

Thanks. I figured it was a lost cause.

[justbroke]

Well, he gives it only to those who filed an allowed unsecured claim. So if they don't file a claim, they can get no proceeds.

[jwdad]

[justbroke]

They are all allowed, unless you complain. I have never seen that column really used anyhow. I'm sure it has its uses.