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Trustee selling co-owners interest in foreign property
Remember there are a few trustees who do nothing but trustee. They will administer $1000. So, unless you know the trustees up on the week of filing you a playing poker.
D
Sent from my iPhone
On Aug 21, 2012, at 5:39 PM, Giovanni Orantes wrote:
> Mexico has an equivalent to our bankruptcy code, but it has been a while since I have applied it. I'm sure a trustee can get recognized, etc, though. Nevertheless, I think the expenses of liquidating such an asset might be too much to bother with $50K. I've had trustees not pursue sale of a property in Beverly Hills with $60K+ of equity, which would have left about $40K for the trustee to distribute.
>
> With that said, I always googlemap at street-level properties in Mexico lest the PC is undervaluing it.
>
>
>
> --
> Giovanni Orantes, Esq.
> Orantes Law Firm, P.C.
> 3435 Wilshire Blvd. Suite 1980
> Los Angeles, CA 90010
> Tel: (213) 389-4362
> Fax: (877) 789-5776
> e-mail: go@gobklaw.com
> website: www.gobklaw.com
>
Remember there are a few trustees who do nothing but trustee. They will administer $1000. So, unless you know the trustees up on the week of filing you a playing poker. DSent from my iPhoneOn Aug 21, 2012, at 5:39 PM, Giovanni Orantes <go@gobklaw.com> wrote:
Mexico has an equivalent to our bankruptcy code, but it has been a while since I have applied it. I'm sure a trustee can get recognized, etc, though. Nevertheless, I think the expenses of liquidating such an asset might be too much to bother with $50K. I've had trustees not pursue sale of a property in Beverly Hills with $60K+ of equity, which would have left about $40K for the trustee to distribute.
With that said, I always googlemap at street-level properties in Mexico lest the PC is undervaluing it.-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010Tel: (213) 389-4362Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com
The post was migrated from Yahoo.
Mexico has an equivalent to our bankruptcy code, but it has been a while
since I have applied it. I'm sure a trustee can get recognized, etc,
though. Nevertheless, I think the expenses of liquidating such an asset
might be too much to bother with $50K. I've had trustees not pursue sale
of a property in Beverly Hills with $60K+ of equity, which would have left
about $40K for the trustee to distribute.
With that said, I always googlemap at street-level properties in Mexico
lest the PC is undervaluing it.
Giovanni Orantes, Esq.
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
Mexico has an equivalent to our bankruptcy code, but it has been a while since I have applied it. I'm sure a trustee can get recognized, etc, though. Nevertheless, I think the expenses of liquidating such an asset might be too much to bother with $50K. I've had trustees not pursue sale of a property in Beverly Hills with $60K+ of equity, which would have left about $40K for the trustee to distribute.
With that said, I always googlemap at street-levelproperties in Mexico lest the PC is undervaluing it.-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010Tel: (213) 389-4362Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.com
The post was migrated from Yahoo.
For the Trustees (and professors) out there:
Facts: Debtor co-owns a property in Mexico (it's a business
property...restaurant/B&B type place). The property is free and
clear. Debtor's portion is worth, let's say $50,000 US.
Can a Chapter 7 Trustee realistically force the sale of the property
in Mexico over objection of the co-owner? I know in the USA it can
be done easily, but not sure how it works across borders. Anyone
deal with this?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency (see what this
means at
The post was migrated from Yahoo.