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How much time for CH 7 trustee to wrap up asset estate?
Hi Margaret, in this case there is no mortgage so the value is estimated at
$40K free and clear. But it's in rural Illinois, with a broken furnace
(among other issues) on a street where 2 other houses have been empty for
some time.
Holly Roark
holly@roarklawoffices.com
On Mon, Nov 22, 2010 at 9:57 AM, Margaret Norman wrote:
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> [Attachment(s)from Margaret Norman included below]
>
> But in today's market with so many houses under water are they going to
> keep those cases open for ten years if the only asset is a house with
> mortgages? There would be no incentive to make your mortgage payments if
> that would add to the equity.
>
> Margaret Norman
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>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] *On Behalf
> Of *Holly Roark
> *Sent:* Monday, November 22, 2010 8:09 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] How much time for CH 7 trustee to wrap up asset
> estate? (Crossposted.)
>
>
>
>
>
> So unless I have a really solid arguement that the asset is burdensome to
> the estate or of inconsequential value, then a motion to abandon would be
> frivoulous. There is a lot wrong with the house that needs to be fixed, but
> so far the trustee hasn't expended too much so he's still in the black for
> now, but it's just not selling. Trustee already dropped the price from $50K
> to $40K. I guess the debtor can always offer to buy it back.
>
>
>
> Holly
>
>
> On Sun, Nov 21, 2010 at 7:38 PM, Dennis wrote:
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> Trustee can take all the time the trustee wants. I held cases open ten
> years to properly sell assets.
>
> Sent from my iPhone
>
>
> On Nov 21, 2010, at 5:50 PM, Holly Roark wrote:
>
>
>
> In my case, the trustee has had out of state real property on the market
> for 6 months without being able to sell it (worth $40K free and clear), and
> also has cash on hand to disburse to creditors (about $25K). Trustee just
> filed a motion to authorize cash disbursements, with the disbursement period
> to be from now to a year from now. Is this customary? Should I object to
> that timeline? I want to file a motion to abandon the real property, but
> I don't know whether it's actually "burdensome" to the estate. The trustee
> has only had to shell out about $1,000 so far for maintenance and upkeep.
> What do you think? Debtor wants the property back, but I don't know what
> our chances are of forcing an abandonment. Judge was Bufford, now PC. The
> debtor had the property listed for 6 months prior to the trustee listing it,
> so it has been on the market for a year now with very few inquiries.
> --
> Holly Roark
> holly@roarklawoffices.com
> www.roarklawoffices.com
> Central District of California
> Consumer Bankruptcy Attorney
>
>
>
>
>
>
> --
> Holly Roark
> holly@roarklawoffices.com
> www.roarklawoffices.com
> Central District of California
> Consumer Bankruptcy Attorney
>
>
>
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
Hi Margaret, in this case there is no mortgage so the value is estimated at $40K free and clear. But it's in rural Illinois, with a broken furnace (among other issues) on a street where 2 other houses have been empty for some time.
Holly Roark
holly@roarklawoffices.com
On Mon, Nov 22, 2010 at 9:57 AM, Margaret Norman <marge@margeslaw.com> wrote:
[
The post was migrated from Yahoo.