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CML Bankruptcy
CML Bankruptcy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 24
Experience:  Highly experienced in Chapter 7 & 13 bankruptcy.
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The trustee just talked to my brothers attorney. My brother

Resolved Question:

The trustee just talked to my brothers attorney. My brother stated that he is not interested in paying the $100 thousand dollars for half interest. I guess they are going to list the property for sale at $250k. How long can a trustee wait to see if it sells and what if it doesn't? How does that all work?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  CML Bankruptcy replied 5 years ago.

JACUSTOMER-5wmx0je1- :

Hi there. I'm happy to see if I can help you.

JACUSTOMER-5wmx0je1- :

I take it you own some property jointly with your brother?

Expert:  CML Bankruptcy replied 5 years ago.
And the Trustee is proposing to sell the property to take your interest?
Customer: replied 5 years ago.


We own a camp together(my brother and I) and my wife and I filed for Chapter 7 bankcrupsty

Expert:  CML Bankruptcy replied 5 years ago.

In a Chapter 7 bankruptcy, your discharge and the sale of any assets you aren't allowed to keep (exempt) are on two different time lines. If no objections are filed, your discharge will come relatively quickly. As for the sale of any assets, the Trustee can keep your case open as long as necessary to sell the property. Whether your Trustee will or not is up to him or her, but the Trustee has a duty to "administer" (i.e. sell) assets that a Debtor is not allowed to keep.

While the case will continue to be open, your discharge should not be held up by the sale of any property. Once the property is sold, your brother should receive his ownership share and the balance will be disbursed to your creditors, proportionate to their claims at the time your case was filed.

Thanks so much for the opportunity to assist you. Please remember to click the green "accept" button so I receive proper credit and compensation for my assistance. This does not prevent me from answering any follow up questions or providing clarification and insures I am able to help you again in the future.

Best of luck to you!


Customer: replied 5 years ago.
Once discharged. Are we free and clear or is there like a probation period or something of the sort. Or is it just done.
Expert:  CML Bankruptcy replied 5 years ago.
Once you receive your discharge, you are all set. The only exception is if some sort of fraud is discovered and the Trustee or a creditor moves to set aside your discharge, but that can happen in any case (if there is some sort of fraud or dishonesty). It is unrelated to the sale of the property.
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