QUESTION

How long can a Trustee take to settle an Inheritance after Discharge? My Inheritance is over 1 million with a debt of $60,000.

Asked on Nov 30th, 2011 on Bankruptcy - Minnesota
More details to this question:
It''s been almost a year & still not settled. This Trustee says he''s being "cautious"! I could''ve killed somebody & got a speedier case conclusion.
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1 ANSWER

William/J Joanis
The length of time a bankruptcy estate remains open is not related to the date the general discharge is granted. The "discharge" date is 60 days after the first date set for the 341 meeting and is not related to the liquidation of assets and payment of creditors.  There is little you can do, Have you irritated the trustee in some way?  WHile the trustees are professionals, they are human.  Is there something that you can do to speed things up?  The claims filing deadlines have long since past. So the amount needed to pay claims in full is known. There shouldn't be any tax issues to delay paying the dividends. Unless there is some issue as to wrongful actions on your part, the third leg of the chapter 7 bankruptcy process (discharge of debt, liquidation of assets, and policing the debtor's behavior prior to and post filing) would not exist.  So, it is difficult to say what the delay may be.  I would limit the discussions and inquiries to having them occur between your lawyer and the trustee.     
Answered on Dec 11th, 2011 at 5:11 PM

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