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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38911
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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What should I Do if I discover that about $500 worth of assets

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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.
Hello,

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 4 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
accounts.
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.
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