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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15678
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Our Chapter 7 bankruptcy has been discharged, but our Trustee

Resolved Question:

Our Chapter 7 bankruptcy has been discharged, but our Trustee is pursuing selling a building lot that I was a 1/3 owner of. That could take many months or even a year or more, and I assume our case will remain open all of that time, is that correct? My main question is, do we have to worry about the Trustee looking for any new assets that we acquire going forward, such as buying a car to replace our leased car? Or do we have to wait for our case to be closed?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

Id the case was discharged, and left open only due to the property, their would be no issue of you leasing a car, the discharge is effective,

WALLSTREETESQ :

the trustee would only be able to come after assets that were not disclosed in your original filing,

WALLSTREETESQ :

I would still wait atleast 6 months from the discharge date to acquire any new assets.

Expert:  WALLSTREETESQ replied 1 year ago.
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Customer: replied 1 year ago.
Thank you for your reply. I sometimes ask the same question to 2-3 attorneys to get different opinions. Yes the case has been discharged and left open only due to the land he wants to sell. We have been leasing our car for years, but would now like to purchase one. Another attorney told me that the trustee could not pursue any assets acquired after our bankruptcy filing (May 7). You recommend waiting until at least 6 months after the discharge (August 6). Is there a reason why we should wait?
Expert:  WALLSTREETESQ replied 1 year ago.
Under the Bankruptcy Code, you are required to inform your Chapter 7 trustee if you inherit or otherwise come into money within six months after your discharge. Those assets belong to your “bankruptcy estate."

Also, you do not want any issue of a possible fraud, for example, if you just received your discharge and the next day you buy a new car or enter into a real estate contract, the Trustee may think you hid assets in your petition.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15678
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

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