I had a business where I filed for chapter 7 back in 2004. Last month I received a letter where there was $19,000.00 left in assets and that this money was being transferred from the bank ( where my business company acct was) to a trustee.
Does this means there are still creditors claiming for my business assets after 10 years of the bankruptcy? If nobody claim this money, can I claim it back from the trustee? if so, how can I do this. thanks
You should contact your attorney that handled the prior bankruptcy. If you don't have one then you can contact the trustee as well. If you feel you need further advice then maybe you can contact new bankruptcy attorney for a consult on whats going on in your case.
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Assuming the bankruptcy was a corporation filing, unless the case is open or the trustee reopens the case, then it is still corp property. But you have the fidyuciary duties to use corp assets for corp debts also. I would see if the trustee is alive, kicking and still handling trustee cases. If so, send the trustee a letter explaining the facts and asking the trustee if he will be reopening the case to administer that asset. . Good luck
Having dealt with this in the past, the Trustee is still obligated to collect the funds, and if there are any approved claims, then pay them. If this was a no-asset corporate 7 and no notice of distribution was sent out, then it will be reopened and a notice of assets will be sent with a new claim form.
If no claims are filed or if allowable claims do not add up to the $19,000.00 then the remaining funds will be distributed back to your old corporation.
Did you report this money in the corporation's schedules back in 2004? If so, then after distributions all of the money will have to go back to the company or to you as the surviving shareholder. If there are any post-petition creditors, you may have to pay them if you receive the money or any portion of it.
In any event, the corporation must've had a lawyer, and so I would call that lawyer and find out what to do if you are still unclear.
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Yes, your case can still be going on, and it sounds like a motion could be done to get this thing over with quickly. I would start with a review of the court docket to see what creditors were told early on and why the the trustee has taken so long to get the case wrapped up. You also may be entitled to some of the money being transferred depending on what your exemptions were. And yes, you can claim the money if nobody else asks for it.
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