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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16001
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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1. How easy or difficult is it to get off of Chapter 7 without

Resolved Question:

1. How easy or difficult is it to get off of Chapter 7 without prejudice?
2. What is the motivation of the Trustee and how can it work against you?
3. What are my options if I think that the Trustee is not protecting my interests in the property?
4. Can the Trustee interfere with my relationship with the tenants or is his control only limited to the liquidation of the assets?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 3 years ago.
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

are you in a chapter 7 and want to have the case withdrawn or dismissed?
Customer: replied 3 years ago.
No, I am not in Chapter 7. I am getting the information for someone else.

Expert:  WALLSTREETESQ replied 3 years ago.
you can file a motion to dismiss and if approved the case will not be dismissed with prejudice, if the trustee will not allow the case to be dismissed consider converting the case to a chapter 13 or 11 and then have it dismissed their as it is much easier in another chapter to withdraw.
Customer: replied 3 years ago.
It was in 11. My attorney transferred it to 7 because there was no income. Can it go back to 11 easily? When I asked my attorney to get is dismissed within 11 he told me to go to 7 and then get it dismissed from there. That's why I am thinking that my attorney is working against me.
Expert:  WALLSTREETESQ replied 3 years ago.
in a chapter 11 it is much easier to get a case dismissed in a chapter 7 it is more difficult, but possible, I would convert to a chapter 13, and have the case dismissed their. The case should have been dismissed in the 11. The case can always convert to a chapter 13, not to a 11, so the chapter 13 wuld be easier.



Edited by WALLSTREETESQ on 12/4/2010 at 12:49 AM EST
Customer: replied 3 years ago.
It is a corporation. Can't do 13. What are the options left?
Expert:  WALLSTREETESQ replied 3 years ago.
He should try to let it get dismissed by not appearing or cooperating with the trustee if the trustee does not file a motion to dismiss try to convert the case to a chapter 11 again.

If he does not cooperate it will have to be dismissed.
Customer: replied 3 years ago.
<span class="text-15-black">Note: I edited the question and it is putting all these html characters on for some reason.<br /><br />I was able to research whatever you said in the previous responses. Your last response is more along the lines of what I was looking for when I asked "1. How easy or difficult is it to get off of Chapter 7 without prejudice?"<br /><br />Are there any civil or criminal consequences for lack of cooperation with the trustee?<br /><br />What "not to do" to get off of Chapter 7 without prejudice and still have the opportunity to get back on Chapter 7 or 11 when we need it again?<br /><br />The idea is to:<br /><br />1. Find the tenants in default which they are but are not acknowledging to it.<br />2. Get the lease terms modified since the tenants are in default.<br />3. Make a deal with the secured creditor.<br />4. Pay off the unsecured creditors.<br /><br />If the above does not happen then let the secured creditor foreclose. Drag it out as long as we can so that we can either modify the lease or evict the tenants and find another tenant.<br /><br />If we cannot accomplish the above then go back in Chapter 11 again and continue to work to get the cashflow situation under control and negotiate with the secured creditor. Everything is currently screwed up because the tenant is not paying rent by incorrectly interpreting some clauses of the lease.</span>
Expert:  WALLSTREETESQ replied 3 years ago.
the trustee can sanction the debtor however no criminal actions would take place. The best thing to do is to the have the attorney settle with the trustee or discuss the case informally and work out an amicable dismissal.
Customer: replied 3 years ago.
What do you mean by "settle with the trustee"? What economic interest the trustee has in a Chapter 7? Why would he settle and why he would not?
Expert:  WALLSTREETESQ replied 3 years ago.
The trustee is a lawyer, he does not want to litigate cases for no reason, in most chapter 7 cases, where their are no significant assets, he may state to you that if you file a motion to dismiss he would not object. The settle is basically giving the trustee less work.
Customer: replied 3 years ago.
What if the assets have significant equity or at least the impression of significant equity then does the trustee get a cut on the money above and beyond the secured and unsecured claims?

So if there is $500,000 equity above an beyond the liabilities, would he try to keep the case in bankruptcy to make his 10% commission like Chapter 13?

Doesn't it mean that if there is equity he is going to try to keep my friend hostage?

How does the trustee get paid?
Expert:  WALLSTREETESQ replied 3 years ago.
if their is 500,000 potential in equity Bankruptcy trustees are paid a small flat fee per Chapter 7 bankruptcy case plus a percentage of assets recovered, if any if they trustee actually believes he can force the debtor to relinquish the property to obtain his fee he will make it hard, however if you do not cooperate, the Judge will have the case dismissed, through filing a motion to dismiss.
Customer: replied 3 years ago.
Thanks for all the explanation.

How about the "without prejudice" part.

What you have suggested in the past couple of responses will definitely get him out of Chapter 7 but how to make sure that it is "without prejudice" so that he can come back to bankruptcy court if he cannot straigten things out outside of the bankruptcy protection?

Many Thanks. You have been very helpful and patient.
Expert:  WALLSTREETESQ replied 3 years ago.
the without prejudice is not really a factor, usually he could refile within 6 months, and he can refile a chapter 11 as that was not dismissed under prejudice.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16001
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
Many thanks for your patience and answers. You have been great.
Expert:  WALLSTREETESQ replied 3 years ago.
good luck.
Customer: replied 3 years ago.
Didn't I already accept and pay for this?

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