Iowa Sample Letter for Discharge of Debtor and Order Approving Trustee's Report of No Distribution and Closing Estate
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How to fill out Sample Letter For Discharge Of Debtor And Order Approving Trustee's Report Of No Distribution And Closing Estate?
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FAQ
A trustee is appointed to take control of certain assets of the debtor, bring these assets into the estate, and sell or distribute these assets for the benefit of creditors. Some assets will remain with the debtor if these assets are determined to be exempt from distribution to creditors.
Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors.
Parties can file written requests (adversary complaints) to have the court determine if a debt is dischargeable. 1) Some unsecured debts are not dischargeable because Congress has determined they are types of debts that should not be discharged because of public policy reasons.
Non-exempt Property. Anything that isn't protected in bankruptcy is considered non-exempt and, in Chapter 7, can be sold by the trustee to pay off creditors.
Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in ance with the provisions of the Bankruptcy Code.
Whether the trustee can take money you receive after filing your case depends on whether you were entitled to the money at the time your case was filed and how it was listed on your forms, if at all.
A discharge releases a debtor from personal liability of certain debts known as dischargeable debts, and prevents the creditors owed those debts from taking any action against the debtor or the debtor's property to collect the debts.
The Trustee's Report of No Distribution, or NDR, lets the court and all interested parties know that no money will be paid to creditors. If a NDR is filed, the court will close the bankruptcy case shortly after the discharge has been entered.
