Often asked: When Can A Chapter 7 Trustee Reopen A Chapter 7 Case And Sell Abandoned Property?

How long can Chapter 7 trustee keep case open?

The Chapter 7 trustee can keep the case open for about four to six months after filing the bankruptcy papers.

Can you reopen a Chapter 7?

A chapter 7 bankruptcy case can be reopened after discharge and case closure under certain circumstances. Bankruptcy Code §350(b) authorizes the bankruptcy court to reopen a case for various reasons, including to “administer assets, to accord relief to the debtor, or for other cause.” Fed.

Can Chapter 7 trustee sell my house?

The trustee is not allowed to sell all of your property. In fact, most Chapter 7 bankruptcies filed in the U.S. are no-asset bankrutpcy cases (meaning that there is no property available for creditors). If all of your property is exempt, the trustee can ‘t liquidate any of your assets.

What is a motion for abandonment?

In most cases, the trustee will file a Notice of Abandonment to notify the creditors of the intent not to liquidate the property of the bankruptcy estate to meet their debt obligations. Sometimes the trustee will abandon property without going through the process of filing a Notice of Abandonment.

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How much does a Chapter 7 trustee get paid?

You don’t make any extra payments to the court to cover the trustee’s commissions in Chapter 7. The sliding scale is as follows: 25% of the first $5,000 disbursed. 10% of the next $45,000.

What percent of Chapter 7 bankruptcies are dismissed?

Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Generally, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of chapter 7 cases.

How long before you can refile Chapter 7?

For Chapter 7 bankruptcy filings, you must wait eight years from the filing date of your previous petition. Filing prematurely before those eight years have expired, you will not be granted a discharge. The eight years start counting from the date the prior Chapter 7 bankruptcy was filed.

How can I check the status of my Chapter 7?

Case information is available toll free through the court’s automated Voice Case Information System (VCIS) at (866) 222-8029. This system is available 24 hours a day, 7 days a week. A case number, complete name, or a social security number/ITIN is required to obtain case information.

Can you sue a Chapter 7 trustee?

The Chapter 7 bankruptcy trustee can also pursue claims on your behalf. In this example, the Chapter 7 bankruptcy trustee would sue your sweet grandmother and force her to repay the court the money that you sent to her within a year prior to your bankruptcy case in order to pay off the loan she had made to you.

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What assets are lost in Chapter 7?

Everything you own or have an interest in is considered an asset in your Chapter 7 bankruptcy. In other words, all your belongings are “ assets ” even if they’re not really worth much. That doesn’t mean that the bankruptcy trustee will sell everything you have, though.

How much equity can you have in your house and file Chapter 7?

Some allow you to protect as little as a few thousand dollars in equity. In another, you can exempt up to $500,000, or even the entire value of the real property. But most states fall between these extremes. You can learn more about exemptions in all 50 states in Bankruptcy Exemptions by State.

Can I spend money after filing Chapter 7?

If you file a Chapter 7 bankruptcy petition and it is a “no asset” case, your spending after filing should reflect what you stated on your schedules. If either your income or your expenses change considerably while still in Chapter 7, again, you should consult with your attorney.

What is the rule of abandonment?

Every state has its own definition of abandonment or desertion, but generally, it means that one spouse leaves the family home and the relationship without communicating and without warning. You’ll need to check local laws to determine the exact term and definition that applies to divorce in your state.

How long does the automatic stay remain in effect?

The automatic stay goes into effect for only 30 days after you file bankruptcy. Two or more previous bankruptcy cases dismissed within the past year. The automatic stay doesn’t go into effect at all.

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What happens if an automatic stay is lifted?

If one of your creditors files a motion to lift the automatic stay, you’re entitled to respond to the motion and to a hearing before the Court.

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