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How much time for CH 7 trustee to wrap up asset estate? (Crossposted.)
Thanks. That's what I thought. Yeah, we have no exemptions left. We used
the whole wildcard already to protect other assets.
Holly Roark
holly@roarklawoffices.com
On Mon, Nov 22, 2010 at 11:59 AM, Dennis McGoldrick wrote:
>
>
> Holly:
>
> Jason is right. If you get someone, even a family member to offer $20k, or
> so, the trustee may sell. Abandonment is not really on the table. The
> trustee can lower the price, and lower the price, and lower the price, until
> he gets a buyer.
>
> The only thing which can stop the trustee from lowering the price is to
> claim the wildcard on the property, but my guess is you have already done
> that, or used the 704's, making exempting Illinois property impossible.
>
> dennis
>
> --- On *Mon, 11/22/10, Holly Roark * wrote:
>
>
>
> Subject: Re: [cdcbaa] How much time for CH 7 trustee to wrap up asset
> estate? (Crossposted.)
> To: cdcbaa@yahoogroups.com
> Date: Monday, November 22, 2010, 10:21 AM
>
>
>
> 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
The post was migrated from Yahoo.
Holly:
Jason is right. If you get someone, even a family member to offer $20k, or so, the trustee may sell. Abandonment is not really on the table. The trustee can lower the price, and lower the price, and lower the price, until he gets a buyer.
The only thing which can stop the trustee from lowering the price is to claim the wildcard on the property, but my guess is you have already done that, or used the 704's, making exempting Illinois property impossible.
dennis
The post was migrated from Yahoo.
charsetndows-1252
Maybe debtor or a friendly party wants to make an offer to the trustee? That sweetens the abandonment alternative. Trustee won't want (Dennis notwithstanding) to hold the property for 10 years if it has a malfunctioning furnace (ie fire threat) and no insurance, and no income to pay insurance from; whatever Trustee pays depletes the funds available for other creditors.
But Judge (any of them) is certainly likely to go with the Trustee's business judgment on that point, so sweetening may be necessary.
Jason
On Nov 22, 2010, at 10:21 AM, Holly Roark wrote:
>
> 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:
>
> [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
>
>
>
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:
>
>
> 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
>
>
charsetndows-1252
Maybe debtor or a friendly party wants to make an offer to the trustee? That sweetens the abandonment alternative. Trustee won't want (Dennis notwithstanding) to hold the property for 10 years if it has a malfunctioning furnace (ie fire threat) and no insurance, and no income to pay insurance from; whatever Trustee pays depletes the funds available for other creditors.But Judge (any of them) is certainly likely to go with the Trustee's business judgment on that point, so sweetening may be necessary.JasonOn Nov 22, 2010, at 10:21 AM, Holly Roark wrote:
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:
[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
From: cdcbaa@yahoogroups.com [mailto:
The post was migrated from Yahoo.
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
The post was migrated from Yahoo.
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:
>
>
> 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
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 fixe
The post was migrated from Yahoo.
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
Trustee can take all the time the trustee wants. I held cases open ten years to properly sell assets.Sent from my iPhoneOn Nov 21, 2010, at 5:50 PM, Holly Roark <hollyroark22@gmail.com> 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.
www.roarklawoffices.comCentral District of CaliforniaConsumer Bankruptcy Attorney
The post was migrated from Yahoo.
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
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 proper
The post was migrated from Yahoo.