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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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When will I receive a list of the bankruptcy assets that I

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When will I receive a list of the bankruptcy assets that I need to turn over to the trustee or offer to buy-back (e.g., personal vehicle, investment properties)? Can I challenge / appeal any of the items on the Trustee's list? When can I approach the lienholders about possibly purchasing my investment properties at the fair market value and/or asking for their acceptance for a deed-in-lieu of foreclosure or a short sale? Does it have to be done before I am discharged from any related debt?
Hello ArtCarlo,


Sometime after the 341 hearing the trustee will contact your attorney/you and request the turnover of nonexempt assets. At that time you can challenge/offer to purchase any items.

There would be no deed in lieu of foreclosure or short sale on your investment properties. Rather they would be surrendered in the bankruptcy. You can offer to purchase the lienholders interest at any time after the 341

Please remember to go back and accept my prior answers to your questions

Customer: replied 5 years ago.

No deed-in-lieu of foreclosure or short sale, even though my rental properties are jointly owned with my wife (who elected not to file for bankruptcy) and we intend to remain current with the monthly mortgage payments?

 

Will they still be surrendered in the bankruptcy?

Customer: replied 5 years ago.

WebLaw: Please remember to go back and accept my prior answers to your questions

Which answers were not paid by me?

Sorry ArtCarlo - the accepts did come in
Customer: replied 5 years ago.

No deed-in-lieu of foreclosure or short sale, even though my rental properties are jointly owned with my wife (who elected not to file for bankruptcy) and we intend to remain current with the monthly mortgage payments?

 

Will they still be surrendered in the bankruptcy?

The real property typically would be held with your wife as tenancy by the entireties. Tenancy by the entireties property is not subject to the debts of one spouse.
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