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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15832
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My brother and I have 50/50 share of 10 acres of land. There

Resolved Question:

My brother and I have 50/50 share of 10 acres of land. There is no lien. He filed chapter 7, and was told the trustee will try to sale the property. Do I have any rights in the negotiation of its sale?
Submitted: 9 months ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 9 months ago.

WALLSTREETESQ :

This is a common situation,

WALLSTREETESQ :

the court can only sell his 50% share, so as the 50% owner

WALLSTREETESQ :

you would have a right to buy the 50% from the trustee,

WALLSTREETESQ :

also be aware the sale of 50% of property will not give the trustee fair value as most people do not want to buy 50% of land, so you should make an offer to buy it for 30 or 40% or fair value, as that is what the trustee can get in an auction

Expert:  WALLSTREETESQ replied 9 months ago.
You may want to appear at his next meeting with the trustee and make a valid offer, I would suggest a low ball value, and negotiate it that way the trustee may take it if he has no other choice.
Customer: replied 9 months ago.

I was told the trustee would put it up for sale and if it did not sale he would turn it back over to my brother. Sale by realtor not auction. But that came my brothers Attorney. He also implied the trustee would sale the entire property and give me 50% of sale amount. Is it common for the trustee to sale by auction in these cases?

Expert:  WALLSTREETESQ replied 9 months ago.
It depends on the trustee, I would retain a bankruptcy attorney to directly contact the trustee and advise him you want to buy the property, typically the trustee will allow this to happen as if he sells the entire property you are losing out and will lose your rights to sell at a fair price you think.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15832
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 3 other Bankruptcy Law Specialists are ready to help you

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