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Settlement of lawsuit in Chap 13
yes, there is a trustee for the estate, so the debtor cannot settle, only the trustee can settle.
Ask the trustee if the trustee wants to take a position, likely answer "no", then you can settle, but may need a motion to approve settement.
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Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Nov 17, 2015, at 11:26 AM, tuanl@stevelopezlaw.com [cdcbaa] wrote:
>
> Dear List,
>
> I have a client in a pending Chap 13 matter. He was in contract to sell one of his properties prior to the bk and filed bk for other reasons. Debtor defaulted on the contract prior to the bk and was sued in regards to it by buyer. Buyer doesn't want to deal with the bk court and wants to dismiss state case and get his money back. It appears to be in the best interest of the debtor also.
>
> Is the earnest money in escrow deposited by the buyer considered estate property? Would I need to check with the Chap 13 Trustee before entering into the settlement?
>
> Thanks in advance for the help.
>
> Regards,
> Tuan Le
>
>
>
>
The post was migrated from Yahoo.
Depends on the purchase contact and escrow instructions.
Settlement involving estate property is typically presented to the creditors and the court in a Rule 9019 motion.
Sent from my iPhone - please excuse typos.
> On Nov 17, 2015, at 11:26 AM, tuanl@stevelopezlaw.com [cdcbaa] wrote:
>
> Dear List,
>
> I have a client in a pending Chap 13 matter. He was in contract to sell one of his properties prior to the bk and filed bk for other reasons. Debtor defaulted on the contract prior to the bk and was sued in regards to it by buyer. Buyer doesn't want to deal with the bk court and wants to dismiss state case and get his money back. It appears to be in the best interest of the debtor also.
>
> Is the earnest money in escrow deposited by the buyer considered estate property? Would I need to check with the Chap 13 Trustee before entering into the settlement?
>
> Thanks in advance for the help.
>
> Regards,
> Tuan Le
>
>
>
>
The post was migrated from Yahoo.