Q: What is a Notice of Trustee's Final Report and Applications for Compensation and Deadline to Object (NFR)?
I just received this notice and I don't know what it is and what it means to me. Do I owe more money (that I don't have)?
It reads:
The final report shows receipts of: $3,506.00
and approved disbursements of: $1,983.36
leaving balance on hand of: $1,522.64
Total to be paid for chapter 7 administrative expenses: $415.66
Remaining Balance: $1,106.98
What does all of this mean?
A: That is the interim trustees accounting to the uS trustee and the Court. The remaining monies will likely be disbursed to the unsecured creditors. You will likely not owe any more money.
A:
Notice of Trustee's Final Report indicates that the Appointed Chapter 7 Trustee is filing a required report stating how the money/assets that the Trustee recovered were distributed. Final Report suggests that the Trustee has completed their liquidation of assets and recovered $3,506.00. The Chapter 7 Trustee is required to report to the Court regarding all assets and the manner in which they were distributed.
The information you provided suggests that the Trustee satisfied all administrative fees and there is still money left over to pay to your creditors. Typically there is no reason to respond to these notices. Your creditors will now receive some type of distribution.
In terms of the case, you should consult your attorney if you have one. There are 2 issues to review. First, is this the end of the liquidation of your assets. Second, have you received a discharge of debt in the Chapter 7 case. These are 2 separate issues. At all times, you should consult with an experienced bankruptcy lawyer.
A: That shows the monies received and how they will be disbursed. Make sure to talk to your attorney about the creditors listed and how this affects possible discharge.
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