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Discharge before assets sold

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  • Discharge before assets sold

    I filed chapter 7 in July 2003. It is an "asset" case involving three pieces
    of property. The trustee is selling one of the properties (commercial lot),
    abandoning another piece of property (rental property), and "selling" me my
    home for an agreed upon amount. The trustee has done everything he said he
    was going to do with one exception. I was told that I would receive a notice
    of some type indicating that the trustee was abandoning the piece of rental
    property (not enough equity above the mortgage payoff). To date I have
    received nothing from the trustee about this property. My attorney tells me
    that I don't need to do anything because I should be getting my discharge
    soon and when that happens this will be a moot point. I question this
    because the trustee still has not sold the commercial lot and I've been told
    that I can receive my discharge even if the trustee has not liquidated all
    of the assets. Without an official notice that the property has been
    abandoned I am concerned that the trustee may look at this rental property
    again (after my discharge) and decide that he does want to sell it. If he
    can continue sales efforts on the commercial lot after my discharge why
    couldn't he decide to sell the rental property as well?

    Thanks in advance for your input!



  • #2
    Discharge before assets sold

    If the trustee hasn't abandoned the property it is still technically part of
    the estate and can be subsequently sold by the trustee (after a motion and
    hearing), notwithstanding the discharge.

    --
    Brett

    ************************************************** ***************
    * Personal Injury/Malpractice Bankruptcy *
    * *
    * BRETT WEISS, P.C. *
    * Attorneys at Law *
    * Maryland, D.C. and Federal Bars *
    * [email protected] *
    * http://www.erols.com/lawyer *
    * *
    * Small Business Estates & Estate Planning *
    ************************************************** ***************

    The Small Print: This response is for discussion purposes only. It isn't
    meant to be legal advice and you shouldn't treat it as such. If you want
    legal advice, speak with a local lawyer familiar with your state's laws who
    can review *all* of the facts and the law applicable to your situation.
    ************************************************** ***************


    "RacerX" <[email protected]> wrote in message
    news:[email protected] .com...
    I filed chapter 7 in July 2003. It is an "asset" case involving three
    pieces
    of property. The trustee is selling one of the properties (commercial
    lot),
    abandoning another piece of property (rental property), and "selling" me
    my
    home for an agreed upon amount. The trustee has done everything he said he was going to do with one exception. I was told that I would receive a
    notice
    of some type indicating that the trustee was abandoning the piece of
    rental
    property (not enough equity above the mortgage payoff). To date I have received nothing from the trustee about this property. My attorney tells
    me
    that I don't need to do anything because I should be getting my discharge soon and when that happens this will be a moot point. I question this because the trustee still has not sold the commercial lot and I've been
    told
    that I can receive my discharge even if the trustee has not liquidated all of the assets. Without an official notice that the property has been abandoned I am concerned that the trustee may look at this rental property again (after my discharge) and decide that he does want to sell it. If he can continue sales efforts on the commercial lot after my discharge why couldn't he decide to sell the rental property as well? Thanks in advance for your input!

    Comment

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