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When is Property Abandoned by a TTE?
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Aron:
The Trustee can take as long as s/he darn well pleases to decide on the
question of abandonment - unless you file a motion to compel abandonment
under Sect. 554. Courts are reluctant to grant such motions - fearing that
someone is trying to pull a fast one, so don't count on any such motion
being granted in less than 6 - 12 months. If the asset is scheduled and the
case closed, then this is automatically deemed an abandonment. Beware of
the motion to reopen....... Check out Sect. 554.
If you are talking about exempt property, then the deadline for objections
is 30 days AFTER the completion of the meeting of creditors or 30 days after
any amendment.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
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Greetings all.
When an asset is being considered by a tte, how long does he have to make a decision whether or not he wants to cash it in or officially abandon it? I'm not planning any motions; I'm just waiting to see what he'll do and want to know how long he has to make a decision.
Is it 60 days after the first 341a? 60 days after the 341a is concluded (we had a continuance)? Does he have to file his report before it's considered abandoned?
Thanks.
Aron
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Greetings all.When an asset is being considered by a tte, how long does he have to make a decision whether or not he wants to cash it in or officially abandon it? I'm not planning any motions; I'm just waiting to see what he'll do and want to know how long he has to make a decision.Is it 60 days after the first 341a? 60 days after the 341a is concluded (we had a continuance)? Does he have to file his report before it's considered abandoned? Thanks.Aron
Be a better friend, newshound, and
know-it-all with Yahoo! Mobile. Try it now.
The post was migrated from Yahoo.