Official Procedure Last Change January 26, 2018
Trustee's Report of Possible Assets (with or without abandonment)
How to file:
Location of event: Bankruptcy > Trustee/US Trustee > Report of Possible Assets (with or without Abandonment)
- The Report of Possible Assets is the Chapter 7 Trustee’s notification to the Court that possible assets exist for administration.
- The Report requests that the Clerk notify all parties and creditors that possible assets may exist for administration and establish a Claims Bar Date.
- The Notice of Abandonment, if included, abandons all scheduled property from the bankruptcy estate with the exception of assets the Trustee intends to administer.
- If the Trustee has previously filed a Report of No Distribution, they can withdraw it before filing a Report of Possible Assets, although this is not necessary since the filing of the Report of Possible Assets serves as a withdrawal of Report of No Distribution. However, if the Court has already entered an Order in No Asset Case or docketed the Notation of Abandonment, this Order or Notation cannot be withdrawn by the Trustee since it was entered by the Court, not filed by the Trustee. In this circumstance, the Trustee must file a Motion for Relief from Order pursuant to FRBP 9024 along with a 14-day objection notice if any of the assets to be administered were scheduled, followed by the Report of Possible Assets. If the Motion for Relief is required, the Court will not take any action on the Report of Possible Assets unless the Motion has been filed and granted. The Motion for Relief can contain language indicating that the Report of No Distribution is being withdrawn, although as previously mentioned, this is not necessary since a Report of Possible Assets serves this purpose. View flow chart of the procedure for changing which assets are being administered
- If it is later discovered that there are no assets to be administered, a Report of No Distribution should be filed. This should be done even if one was previously filed and withdrawn, or if an Order in No Asset Case or Notation of Abandonment was previously entered but then set aside by court order as outlined above.
- Before filing an Amended Report of Possible Assets, a Motion for Relief from Abandonment along with 14-day objection notice must be filed if any of the new assets to be administered were scheduled and subsequently abandoned. View flow chart of the procedure for changing which assets are being administered
- The Report must be signed by the Trustee.
- Any property to be administered must be listed.
1. Log into CM/ECF. (You must log on as Trustee)
2. Select Bankruptcy > Trustee/US Trustee.
3. Enter case number (in the format xx-xxxxx) and click Next.
4. Select Report of Possible Assets (with or without Abandonment) from the event list and click Next.
5. Check box if jointly filing with another attorney, click Next. If jointly filing, select additional attorneys, click Next.
6. Select the party filer. If the party is not listed, or cannot be selected, view instructions on adding a new party. Click Next.
Note: The "Attorney/Party Association” screen may appear. If your party selection was correct, check the box to create an association and click Next.
8. If filing on a joint case, select which debtor(s) the Report of Possible Assets refers to and click Next.
9. Select appropriate radio button and click Next.
10. Select prefix text, if applicable, and click Next.
11. Verify the final docket text; if correct, click Next to submit your document(s).
Note: The Notice of Electronic Filing displays giving you the document number. Copies of this notice are immediately e-mailed to all participants who receive electronic notification in the case.