If you don't pay or settle the debt with the Chapter 7 Trustee, then you may lose the right to discharge your debts in your petition. If you have a bankruptcy attorney, you should call him or her immediately. This type of situation is not something you should take lightly.
I hope this information was helpful.
Van Wieren Law Firm, LLC - Atlanta Bankrutpcy Attorney
*I am not licensed to practice law in NY. My response to your post was not legal advice.
You have undoubtedly stated that you want to keep the assets and now the Chapter 7 trustee is seeking there value. You should definitely consult with your attorney, but one option will be to change your mind and surrender the assets to the trustee. they will be auctioned off and you may be able to purchase them back for less than the trustee is seeking, or you may lose the assets all together.