Help me understand this!

[Anonymous]

Can someone give me hindsight on what this means! Thank you!

Chapter 7 Trustee's Report of No Distribution: having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 2 months. Assets Abandoned (without deducting any secured claims): $ 8700.00, Assets Exempt: $ 3550.00, Claims Scheduled: $ 40144.88, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $ 40144.88.

[Anonymous]

No hindsight, but perhaps a little insight. You are broke. You have nothing the court wants. Your creditors are officially screwed.

Now, contemplate what you have done, with careful consideration to all those on the other side of your actions; then, go forth, and sin no more.

[sarge12]

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@Anonymous wrote:
Can someone give me hindsight on what this means! Thank you!

Chapter 7 Trustee's Report of No Distribution: having been appointed trustee of the estate of the above-named debtor(s), report that I have neither received any property nor paid any money on account of this estate; that I have made a diligent inquiry into the financial affairs of the debtor(s) and the location of the property belonging to the estate; and that there is no property available for distribution from the estate over and above that exempted by law. Pursuant to Fed R Bank P 5009, I hereby certify that the estate of the above-named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee. Key information about this case as reported in schedules filed by the debtor(s) or otherwise found in the case record: This case was pending for 2 months. Assets Abandoned (without deducting any secured claims): $ 8700.00, Assets Exempt: $ 3550.00, Claims Scheduled: $ 40144.88, Claims Asserted: Not Applicable, Claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $ 40144.88.

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Sounds like a legal explanation to the court that he has recovered all the recoverable assets for the lenders as required by law, and is finished with his job. I'm no lawyer, but it looks like the final step before the discharge becomes final. The next communication will likely be an official discharge from the court. Your BK appears to be nearly done.

[sccredit]

Trustee is reporting to the court that there are no assets for the estate and asking to be removed from your case.  

[sccredit]

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@Anonymous wrote:

No hindsight, but perhaps a little insight. You are broke. You have nothing the court wants. Your creditors are officially screwed.

Now, contemplate what you have done, with careful consideration to all those on the other side of your actions; then, go forth, and sin no more.

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Do you think anyone going through the bk process is not fully aware of the gravity of the situation?  Your comments are condescending at best.

[Anonymous]

Keep looking forward, you're going to do fine.  Just focus on saving for now.  :-)

I'm in my eight year of bankruptcy and almost out, and I have a great credit profile building up.  You can do it too!

Keep up the good work!

[Anonymous]

Well thank you for the tip!

[Anonymous]

No kidding. If I didn’t understand it I wouldn’t of asked.

[Anonymous]

Thank you! Filing for bankruptcy was a hard decision to make. Starting my savings this week!