Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
It is a family camp that both of us own. Our parents are deceased. The bankcruptsy court did their own appraisal of $175,000 a year ago. Recently the trustee valued it at $200,000. It is a remote camp that we have tried to sell in the past that couldn't even get $100,000 for it years ago. No central heat and water is pumped out of the lake when not frozen. It also only has access 3 seasons a year. I mentioned to my brother that we might want to get our own appraisal. Although he had nothing to do with anything, can they force him to sell or buy. Can he make a rediculous offer?
The Bankruptcy court is entitled to your share of the equity - which is 1/2 of the market value. The amount the trustee appraised it for ($200,000) is negotiable, and your brother can offer a much lower amount. Trustees often do accept low offers, to avoid the time and expense of having to sell the property - which the trustee can do.
I think this is what you wanted to know. If not, please let me know.Thank you.