When checking PACER today, I saw our flag was changed from a “no-asset” case to an “asset case”. This creates a problem, as now all creditors can file a claim with the court to get some of their money back. I don’t have a problem with repaying my cerditors… I racked up the debt.
However I do have a problem that the trustee gets to charge the bankruptcy estate $350 an hour, and gets a staged “commission” of 10-25% of all assets recovered. Of course, her and the court get their money prior to any creditors.
Remember the objection, and wanting the appraisal. We will now have to liquidate our personal property for anything they claim is above our exemption.
We now need to amend two schedules, one to show the stock as an asset as we didn’t know about it prior to the 341, and change our exemptions as my wife would really like to salvage as much of this as we can.
Tags: asset case, bankruptcy asset case, bankruptcy trustee, chapter 7, personal bankruptcy