New York Chapter 7 Closing Report (5009-1) is a document filed with the United States Bankruptcy Court which provides information about the debtor's assets, liabilities, and financial status at the conclusion of a Chapter 7 bankruptcy case. It also provides an accounting of the administration of the bankruptcy case, including the administration of the assets, and the payment of creditors. The report must be filed by the Chapter 7 Trustee within 90 days of the conclusion of the bankruptcy case. There are two types of New York Chapter 7 Closing Report (5009-1): 1. Final Report: This is the official closing report that is submitted to the court at the end of the bankruptcy case. The report includes a detailed accounting of all assets and liabilities, a summary of the Trustee’s administration of the case, and the disposition of all funds. 2. Supplemental Report: This report is filed when additional information is required after the Final Report has been submitted. It may be necessary to update the Final Report if there are changes in the debtor’s financial status after the bankruptcy case is closed. The Supplemental Report must be filed within one year of the conclusion of the bankruptcy case.
New York Chapter 7 Closing Report (5009-1)
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Closed Without a Discharge The court may also close your case without discharge if you failed the last step for getting rid of debt. Your filing may not have been filed timely. This is why it's important to follow all the steps of your case and work with your attorney if any issues arise.
For most filers, a Chapter 7 case will end when you receive your discharge?the order that forgives qualified debt?about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can't protect (nonexempt assets).
A "discharge" erases your debt, a "discharge order" is the official court form erasing your debt, and the "final decree" is the official court form that closes your case. In Chapter 7 bankruptcy, the court usually closes the filer's case with a final decree shortly after mailing the discharge order.
Chapter 7 bankruptcy wipes out medical bills, personal loans, credit card debt, and most other unsecured debt. Debt that is related to some kind of ?bad act? like causing someone injury or lying on a credit application can't be wiped out.
The chapter 7 discharge order eliminates a debtor's legal obligation to pay a debt that is discharged. Most, but not all, types of debts are discharged if the debt existed on the date the bankruptcy case was filed.
There are certain things you cannot do after filing for bankruptcy. For example, you can't discharge debts related to recent taxes, alimony, child support, and court orders. You may also not be allowed to keep certain assets, credit cards, or bank accounts, nor can you borrow money without court approval.