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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36494
Experience:  Bankruptcy Lawyer. Experienced.
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What happens to real property that is disposed of or not known

Resolved Question:

What happens to real property that is disposed of or not known about in Bankruptcy?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,


Thank you for your question.

If the debtor has intentionally hidden or not disclosed the asset, the debtor can be charged with bankruptcy fraud and lose his discharge if discovered
.

If you would like additional details concerning my answer, please click REPLY and I will be happy to respond. Do not click relist as it will delay my response.
Customer: replied 4 years ago.
Nothing about fraud. This property was just over looked in the deed to the Trustee.
Expert:  FiveStarLaw replied 4 years ago.
what chapter bankruptcy was filed? When was the discharge received? Was the case closed?
Customer: replied 4 years ago.

FLAand NYLawyer

 

There was no fraud. The real property was overlooked in the deed to the Trustee.

Expert:  FiveStarLaw replied 4 years ago.
Hello,

You can contact the trustee and notify the trustee of the oversight. If the omission is discovered by the trustee at a later date, regardless of whether fraud was intended, the debtor may lose his discharge and be prosecuted for bankruptcy fraud
Customer: replied 4 years ago.
The deed into the Trustee was May 11, 1934. It was still active 30 years later. I'll have to get back to you on what Chapter it was.
Expert:  FiveStarLaw replied 4 years ago.
To clarify, you are asking the result of an omission made in 1934? What has the use of the property been since 1934
Customer: replied 4 years ago.
None. Its amineral interest
Expert:  FiveStarLaw replied 4 years ago.
to get the facts clear, you have a mineral interest that was omitted in a bankruptcy in 1934?
Customer: replied 4 years ago.
Yes
Expert:  FiveStarLaw replied 4 years ago.
Hello,


If the mineral interest is still in your name, you likely have acquired it through adverse possession. It would not be necessary to reopen your bankruptcy of 1936
Customer: replied 4 years ago.
The only way one can adverssly posess minerals in Texas is by producding them.
Expert:  FiveStarLaw replied 4 years ago.
AP may not be required since the rights have been in your name

Please accept my answer. You can then submit additional questions if you would like
Customer: replied 4 years ago.
May?
Expert:  FiveStarLaw replied 4 years ago.
I cannot say anything with certainty without having reviewed all the documents but it appears to me that since the rights have been in your name since 1936, they would remain in your name
Customer: replied 4 years ago.

I'm going to try to see the records at the babkruptcy court in Houston tomorrow. I'll contact you, regardless, hopefuly with helpful informantion. It appears to me that there must be statues covering this.

 

Good Night.

Customer: replied 4 years ago.
<p>FLALawyerNY  </p><p>The minerals were conveyed to the Bankruptcy Trustee by catch-all language in the deed, however, they were not named and there was no such language in the deed out of the BankruptcyTrustee. </p>
Expert:  FiveStarLaw replied 4 years ago.
very interesting. It appears that the minerals are still in the trustee's name. Please accept my answer at this time
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36494
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 4 other Bankruptcy Law Specialists are ready to help you

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