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What does it mean in bankruptcy 7 when the trustee's report states the following:

 

# 1) Assets abandoned (without deducting any secured claims): $$$.00

 

 # 2) Assets Exempt: not available, claims scheduled: $$$$.00

 

# 3) Claims Asserted: not applicable, claims scheduled to be discharged without payment (without deducting the value of collateral or debts excepted from discharge): $$$$.00

 

 I did this BK7 on my own as I am not able to afford and attorney

I would just like some input if possible on the meanings of what this is telling me.

Thank you in advance :)

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Assets Abandoned - This means that the trustee has decided not to go after the assets to pay creditors claims. They usually have to give a good reason. For example, when I did a BK, my furniture value and exemption was off by $20 (but within the allowed amount) so the trustee abandoned the $20.

Assets Exempt - This is the value of all your assets which are exempt by law.

Claims Asserted - I think this is the claims asserted on priority debts on assets that were used as collateral, for example, a car note on a car. Note that I am not sure about this one.

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