How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37960
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

What should I Do if I discover that about $500 worth of assets

This answer was rated:

What should I Do if I discover that about $500 worth of assets was left out of a chapter 7 a year after discharge? It was not intentional. My ex wife discovered it and says she will report it.

I need a bit more info from you:

1. What are the assets exactly?

2. Please explain (briefly, in one or two sentences) how your ex-spouse discovered the assets.

3. Was your Chapter 7 a "no asset" case (i.e., you had substantially no assets to declare in your bankruptcy petition)?

4. How much debt did you have when you filed the bankruptcy petition?

Thanks in advance.
Customer: replied 3 years ago.
1. firearms
2. Her lawyer obtained my records and she is trying to blackmail me.
3. I don't have my papers with me but I Did not have much assets. Underwater home, older vehicles, No savings or fund
4. 50,000-100,000 debt that was discharged.
I seriously doubt that the bankruptcy trustee would want to reopen the case over $500, after $50,000 plus in debt was discharged. The trustee, while interested in ensuring that debtors don't defraud the system -- gets paid 25% of the first $5,000 in assets distributed. So, for your $500 worth of firearms, the trustee must arrange a sale, pay the auctioneer a commission, and then he gets 25% of the remainder. So, if he pays the auctioneer $250 to auction the firearms, then he would get a whopping $75 for his efforts.

I can't tell you what to do, but in my opinion, this issue is going nowhere.

Hope this helps.
socrateaser and 4 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions