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1/26/2013
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

cfortunato :

You can copy and paste the entire dialogue into a word (or similar) document.

cfortunato :

Thank you for the positive rating! And thank you for the bonus!

Customer:

The dialogue isn't available to me at present; how do I get to it?

cfortunato :

I copied and pasted it here:

cfortunato :
cfortunato :

There is no time limit by which a Bankruptcy trustee must close a Bankruptcy case.



cfortunato :

I know a trustee who kept a case open for 7 years.



<div class="JA_chatAskerMessage"Customer:

What options do I have to get this process moving?



cfortunato :

Do you know why the trustee is keeping the case open? Is it because of assets or potential assets?



<div class="JA_chatAskerMessage"Customer:

I turned over some undeveloped real estate to him, which I think he has found difficult to survey/appraise/sell. It was unencumbered.



cfortunato :

In that case, there is really nothing you can do to speed up the process of closing the case. You should know, though that once debts have been discarged, there is no advantage to having the case closed, and no detriment to having the case remain open. To a Bankruptcy filer, the most important event is the discharge, not the case closing.



<div class="JA_chatAskerMessage"Customer:

I still have a question: I chose to retain rental property that I owned prior to the bankruptcy, and I would like to sell the one that is furthest away (and therefore most difficult to manage). Can I do that before the bankruptcy is closed?



<div class="JA_chatAskerMessage"Customer:

If I could sell for more than I owe on it, would the proceeds be mine or the bankruptcy trustees?



cfortunato :

Has the trustee abandoned that property?



<div class="JA_chatAskerMessage"Customer:

No



<div class="JA_chatAskerMessage"Customer:

I did request, however, for him to 'release



cfortunato :

You cannot sell any property until the trustee abandons it.



<div class="JA_chatAskerMessage"Customer:

it. (perhaps abandoned is the correct legal term



cfortunato :

Yes - abandon means release.



<div class="JA_chatAskerMessage"Customer:

If he would 'abandon' it, and if I could sell it, would the proceeds (if any) be mine or the trustees?



cfortunato :

Once the property is abandoned , the proceeds of any sale would belong to you.



<div class="JA_chatAskerMessage"Customer:

ok; that's what I needed to know. From a trustee's perspective, what motive could he have for not wanting to abandon the property



<div class="JA_chatAskerMessage"Customer:

?



cfortunato :

The same motive you have for wanting him to abandon it - the fact that he may be able to sell it for a profit. Don't forget - trustees get 10% of the value of any money they obtain for sales of property and assets. (And the rest goes to your creditors.)


cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
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cfortunato
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
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Experience: Bankruptcy professor.

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