Asset Check sent to Trustee, now what?

[PhillyGuy]

The asset check has been received by the trustee. It was a bank check which means it is available as soon as deposited. How long after it is deposited will the trustee 'hand out' the money to any companies (Chase and Wells Fargo - secured debt) and individuals (ex partners - unsecured debt) that put in a claim? And how long after that does the process start on officially closing the case?

FYI: Creditors have until June 10th to put in a claim.

Thanks

PG

[frogger]

Creditors have until June 10, so governmental agencies will have until July 10th. Some time after that, the trustee will issue checks, but all checks must clear and the trust account have a 0.00 balance before closes.

Patience grasshopper...........

[AngelinaCatHub]

Nothing is likely to happen until after your case is discharged for any of the monies to be disbursed.

We were an Asset case also, and nothing happened about disbursing any money which we paid in monthly to buy our non-exempt items back from the BK Estate, until after we were discharged. We watched PACER for the updates every day.

So as Frogger said: "Patience grasshopper...."
'Hub

[stray]

Yes, just as Frogger and Hub said, it will be a while. I filed BK 7, turned out to have small amount of assets after 341. It was 7 months from the time I paid before close was filed.

[ellis2156]

Does a trustee let you know that a payment was recieved? I am doing a buy back chapter 7. Also, how long does it typically take for a check to be cashed out by the trustee?