BK7 - Final Trustee Report Submitted to Court on Asset Case - Questions

[PhillyGuy]

What a slow process.

Show, how long does it take the court to review, agree on distribution of assets and close out the case?

Also, who gets the assets? Mortgage companies, credit cards, or business partners?

Thanks

[AngelinaCat]

In our case it was about 14 months between Discharge and Close.

Your non-dischargeable debts are taken care of first. In our case, it was the IRS. Then it is the secured debts, followed by the unsecured debts. Our major debts after the IRS were medical and two credit cards. They were unsecured and got paid nothing. The IRS got it all. One of the medical providers tried to get their debt prioritized above that of the IRS. That was a non-starter, but it took about two-three months for the Motions and responses to work their way through the court.

ETA: We did have a car loan that had about another 10 months or so to go, so we reaffirmed that and kept paying it as we normally did.