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Elizabeth Prentice
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience:  Managing Attorney for one of the largest consumer bankruptcy firms in America.
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2 questions: 1. Business Bankruptcy – I filed for chapter

Resolved Question:

2 questions:
1. Business Bankruptcy – I filed for chapter 11 on my business on September 5, 2011. I had to change it to a chapter 7 on March 13, 2012. The original trustee was removed from his trustee title in about April 2013. The new trustee is scrambling to digest the information. In a conversation with him he said he had until September 5, 2013 before the statute of limitations ran out. It’s September 5, 2013 and I have not heard from him. He’s referred to “avoidance” in a couple of messages. My question – What is avoidance and if has not taken some action by the end of business day today will he be allowed to take action later?
2. Personal Bankruptcy – After I filed for business bankruptcy I had no option but to file for personal bankruptcy because I had a personal guarantee on about $2,000,000 in bank and vendor loans. My personal bankruptcy was discharged (or granted or whatever the legal term is) on October 29, 2012. I have heard nothing from this trustee. I’m hesitant to ask him if it’s totally over because I don’t want to bring anything back under the microscope and yet I don’t know how to proceed with the non-exempt assets……there’s not much of these assets and virtually no value but I would like to know if I can dispose of them or keep them?
Submitted: 10 months ago.
Category: Bankruptcy Law
Expert:  Elizabeth Prentice replied 10 months ago.
I am a bankruptcy attorney and I would be happy to assist you.
1) In bankruptcy, certain transactions which occur prior to a bankruptcy filing may be "avoided" by the trustee. The Bankruptcy Code § 547, permits the trustee to "avoid" certain preferential transfers that a debtor made to creditors in the 90-day period prior to the filing of a bankruptcy petition. If the trustee was planning on avoiding a payment the business made to a creditor, he would simply take back the money paid to the creditor (or force them in court to turn it over). Then the trustee would take that money and pay off the priority or non-dischargeable creditors first. If there was any money left over, then he would give a little bit to each of the unsecured creditors. This would not affect the debtor, since you would not see the money. If the trustee does or doesn't do an avoidance, t won't affect whether you receive a discharge. It may make your bankruptcy take a little while longer, since the trustee will have paperwork and things to work through.
2) Once you receive a discharge, it doesn't mean your case has closed. If you were required to turn over non-exempt assets, you should have received a letter or notice from the trustee or your attorney. Contact your attorney first to ask if they have received anything. You can also check the Court docket and see if your case has closed. If the case is officially closed, then you can dispose of your assets. You can check your case docket by going to Pacer.gov. There you can find directions on how to create an account. It will also provide you links to every court in America. Simply click on your court and log in. From there you should click query and input your bankruptcy case number. Continue on until you get a link that says docket. Once you click that link there is a 10 cent fee per page, but a docket is not typically long. At the top of the docket is should say whether your case is open or closed. If it is open, scroll down and see if the trustee has filed anything in your case regarding assets or turnover. It would be toward the bottom of the page. If there is nothing listed, it may be that the court clerk has simply not closed your case yet. However, even if nothing is listed and the case is open, you should then call the trustee and see if there was some reason your case had not yet been closed.

I hope my answer has assisted you and that you will leave me a positive rating!
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience: Managing Attorney for one of the largest consumer bankruptcy firms in America.
Elizabeth Prentice and other Bankruptcy Law Specialists are ready to help you

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