Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Did the Bankruptcy trustee issue a notice that he or she was "abandoning" the rental properties?
Yes, because they are protected assets / exempt from the bankruptcy estate via tenancy by the entireties ownership (my spouse did not file for bankruptcy).
If the rental properties were "abandoned" by the trustee, you can go ahead and sell them before your Bankruptcy case is closed. However, until the case is closed, it is possible for the trustee to take any other assets that are no longer exempt - such as any money that you take out of your 401K.
If the amount you want to take out is a small amount, that should not be a problem.
I think this is what you wanted to know. If not, please let me know.Thank you.
As a follow up to your above relpies, here are two questions:
1. Is this an acceptable note from my bankruptcy attorney authorizing the bank to communicate directly with me?
We have been retained to represent Art in a pending chapter 7 bankruptcy case. We enclose an additional copy of the notice of commencement of case. Art has received a bankruptcy discharge; however, the bankruptcy case has not been closed. We confirm Art's request that you communicate directly with him regarding secured claims of the Bank.
2. Regarding your earlier question: Did the Bankruptcy trustee issue a notice that he or she was "abandoning" the rental properties? Is it still required given that I claimed an exemption for my interest in unit 203 and unit 207. There was no objection to the claim of exemption?
I don't know how you will be compensated, but I can always add a bonus.
1) Yes - that is an acceptable note.
2) It is customary for the Bankruptcy trustee to issue a notice of abandonment for any of the debtor's property that he does not want to take, or that he cannot take -even if the trustee cannot take the property because it is exempt.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).