What happens if my case is turned into an asset case?

[KSL]

Depending on how much of a tax refund I receive will determine if my case is considered an asset case. I would like to know what exactly it means to have an asset case? What will I lose, if anything? Will only a portion of my refund be distributed? I already know they will only take the portion of my refund up to the day I filed and only if their portion is over a $1000.00. I'm thinking that their portion could end up being over $1000.00 I want to know what effect that will have on my case.

[daylate]

As far as I know (which is less than a mile from the starting line) the two big differences are you have to surrender the asset(s) that can't be exempted AND the trustee wants because they can convert to cash to pay back something to your creditors and not coincidentally take a commission for themselves. So in your case if everything except your refund is exempted then the only real difference is that you will have to give up the refund portion.
Second big difference that I know of is if you have not listed a creditor in an asset case then that debt isn't discharged and the creditor or a collection agency can come after you for it. In a no-asset case it is assumed that all debts are discharged, even if you inadvertently miss one. My guess is that it is this way because by not listing them in an asset case they are deprived of their share of the moneies collected and disbursed by the trustee.
I also think the time line may be a bit extended in an asset case. There are some good threads on here about asset cases-do a search and read some for more info. Good luck.

[tcreegan]

Hi KSL,

The trustee is entitled to Jan-May filing day = 5/12ths. And they might not be able to get that if you have an exemption to cover it. Need to dig into your states exemption laws to see if you can cover it somehow.

The over a thousand is probably just your trustee deciding that the commission he makes on less than a grand is not worth his time to deal with it.

Get familiar w. your state statutues and see what they

Tom in Colo