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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2884
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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The trustee in my case in CA sent a notice of trustees intent

Resolved Question:

The trustee in my case in CA sent a notice of trustee's intent to abandon personal property of the estate pursuant to Bankruptcy Code 11 U.S.C. section 554 (a). My question is what is my responsibility with the property. It is a fourplex with HUD tenants.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
This just means that the trustee is not interested in selling it. If you want to keep it, you need to pay the mortgage, insurance, taxes etc. If you want to surrender, the bank will start to foreclose. You have a duty to maintain the property in good repair (city codes) until the foreclosure is complete. If you are surrendering, you should send the tenant information to the bank, and tell HUD and the tenants to pay the bank rent instead.
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