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Abandonment of Real Property - Chapter 11 Individual Case
Can only abandon to debtor.
Selling clear of other interests requires adversary. 363f et sec
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On May 10, 2010, at 11:30 PM, "californiadebtreliefagency" wrote:
Facts: Chapter 11 Debtor (separated filed individually) has a short sale offer on the real property in which her estranged husband lives (not her principal residence). The sale price is such that the first is partially undersecured and the second wholly undersecured. There is no equity for the estate and there is no benefit to the estate in retaining the property, as HOA fees continue to accrue post petition.
Research: Clear Channel case gives rise to issue of selling the property free and clear without consent of the first and clear notice to the second to submit an overbid. Bidding procedures therefore must be approved. Realtors must be employed.
Question: If the Chapter 11 Estate wants to abandon the property because of its inconsequential value, to whom would the Chapter 11 Estate abandon the property? To the Debtor, who would be allowed to sell the property without court order? Still need court order if the court grants the abandonment motion? In the event of sale, rather than abandonment, does the estranged spouse need to consent to disposition of property, or is his execution of purchase agreement and escrow instruction gives rise to adequate consent?
Assistance is appreciated. Lou Esbin
Can only abandon to debtor. Selling clear of other interests requires adversary. 363f et secDennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On May 10, 2010, at 11:30 PM, "californiadebtreliefagency" <Esbinlaw@sbcglobal.net> wrote:
Facts: Chapter 11 Debtor (separated filed individually) has a short sale offer on the real property in which her estranged husband lives (not her principal residence). The sale price is such that the first is partially undersecured and the second wholly undersecured. There is no equity for the estate and there is no benefit to the estate in retaining the property, as HOA fees continue to accrue post petition.
Research: Clear Channel case gives rise to issue of selling the property free and clear without consent of the first and clear notice to the second to submit an overbid. Bidding procedures therefore must be approved. Realtors must be employed.
Question: If the Chapter 11 Estate wants to abandon the property because of its inconsequential value, to whom would the Chapter 11 Estate abandon the property? To the Debtor, who would be allowed to sell the property without court order? Still need court order if the court grants the abandonment motion? In the event of sale, rather than abandonment, does the estranged spouse need to consent to disposition of property, or is his execution of purchase agreement and escrow instruction gives rise to adequate consent?
Assistance is appreciated. Lou Esbin
The post was migrated from Yahoo.
Facts: Chapter 11 Debtor (separated filed individually) has a short sale offer on the real property in which her estranged husband lives (not her principal residence). The sale price is such that the first is partially undersecured and the second wholly undersecured. There is no equity for the estate and there is no benefit to the estate in retaining the property, as HOA fees continue to accrue post petition.
Research: Clear Channel case gives rise to issue of selling the property free and clear without consent of the first and clear notice to the second to submit an overbid. Bidding procedures therefore must be approved. Realtors must be employed.
Question: If the Chapter 11 Estate wants to abandon the property because of its inconsequential value, to whom would the Chapter 11 Estate abandon the property? To the Debtor, who would be allowed to sell the property without court order? Still need court order if the court grants the abandonment motion? In the event of sale, rather than abandonment, does the estranged spouse need to consent to disposition of property, or is his execution of purchase agreement and escrow instruction gives rise to adequate consent?
Assistance is appreciated. Lou Esbin
The post was migrated from Yahoo.