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Sale of Property
Nate,
For the Group, we discussed this matter in court the other day and my
suggestion was to amend Schedule A to list the property interest.
Because the property interest was not listed, the court did not have
jurisdiction. The debtor has the right to amend up to the date of
discharge, so that you can overcome the issue of bad faith. Besides,
you are newly associated counsel and realized error in time to fix
the omission. With the sale of the property interest at its current
value, the estate realizes the same benefit, with all proceeds going
to the trustee for disbursement. The result is the same now or if
the property was originally scheduled. The estate gets the benefit
of the increase in value, where in this District the Debtor is not
vested with her property until after discharge. Supplement the
motion to include the amended Schedule A and to request a
modification of the percentage to reflect the result of the payment
from the proceeds from sale. Ask for the plan to be deemed satisfied
with that disbursement and for the discharge to be entered upon
disbursement of those funds by the Trustee, so that you are not
waiting another year. Your client can use that order to show that
she has completed her Chapter 13, even though the Trustee will take
another year to close.
Good luck and best regards. Lou Esbin
wrote:
> I have spoken to a few attys. about my issue but I figured I would
throw this question to the collective.
>
> I have seen a client in a Chapter 13 case in Woodland Hills who has
been unable to find her attorney of record. SHe is about 4 months
away from completing a 36 month plan at 22%. She has a piece of
property (along with about 10 other properties) that she has an
interest in with her ex-husband.
>
> SHe has a property that her ex-father-in-law is selling and her
portion is 12.5% or $12500.00 (No encumbrances). Being the nice guy
I am, I went ahead and filed a Motion to Sell PRoperty with all
proceeds of $12500 to go to the Trustee.
>
> The Trustee filed an oppostion objecting to the sale because this
one property was not listed in the bk. She gave her atty. a list
from the divorce of about 10 properties with assessor numbers only
and the atty. missed this property. The Trustee at the hrg. with
Judge AG said that unless the PLan is now 100% (which we cannot do)
she wants to file a Motion to Dismiss for Bad Faith in not disclosing
this property in Schedule A.
>
> I asked the Judge to allow the Sale to go throguh since the money
is going to the creditors anyway and she only owns 12.5% but he
said "NO". THe Trustee will bring their Motion to Dismiss to be
heard in September and we will go from there.
>
> I thought about an Ex Parte MOtion for REconsideration but there is
no final order yet.
>
> The rest of the family is furious because they may lose this deal
because of the hold up. Any thoughts of what I can do?
>
> Thanks,
>
> Nate Berneman
>
>
> ---------------------------------
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I have spoken to a few attys. about my issue but I figured I would throw this question to the collective.
I have seen a client in a Chapter 13 case in Woodland Hills who has been unable to find her attorney of record. SHe is about 4 months away from completing a 36 month plan at 22%. She has a piece of property (along with about 10 other properties) that she has an interest in with her ex-husband.
SHe has a property that her ex-father-in-law is selling and her portion is 12.5% or $12500.00 (No encumbrances). Being the nice guy I am, I went ahead and filed a Motion to Sell PRoperty with all proceeds of $12500 to go to the Trustee.
The Trustee filed an oppostion objecting to the sale because this one property was not listed in the bk. She gave her atty. a list from the divorce of about 10 properties with assessor numbers only and the atty. missed this property. The Trustee at the hrg. with Judge AG said that unless the PLan is now 100% (which we cannot do) she wants to file a Motion to Dismiss for Bad Faith in not disclosing this property in Schedule A.
I asked the Judge to allow the Sale to go throguh since the money is going to the creditors anyway and she only owns 12.5% but he said "NO". THe Trustee will bring their Motion to Dismiss to be heard in September and we will go from there.
I thought about an Ex Parte MOtion for REconsideration but there is no final order yet.
The rest of the family is furious because they may lose this deal because of the hold up. Any thoughts of what I can do?
Thanks,
Nate Berneman
Do you Yahoo!?
Read only the mail you want - Yahoo! Mail SpamGuard.
I have spoken to a few attys. about my issue but I figured I would throw this question to the collective.
I have seen a client in a Chapter 13 case in Woodland Hills who has been unable to find her attorney of record. SHe is about 4 months away from completing a 36 month plan at 22%. She has a piece of property (along with about 10 other properties) that she has an interest in with her ex-husband.
SHe has a property that her ex-father-in-law is selling and her portion is 12.5% or $12500.00 (No encumbrances). Being the nice guy I am, I went ahead and filed a Motion to Sell PRoperty with all proceeds of $12500 to go to the Trustee.
The Trustee filed an oppostion objecting to the sale because this one property was not listed in the bk. She gave her atty. a list from the divorce of about 10 properties with assessor numbers only and the atty. missed this property. The Trustee at the hrg. with Judge AG said that unless the PLan is now 100% (which we cannot do) she wants to file a Motion to Dismiss for Bad Faith in not disclosing this property in Schedule A.
I asked the Judge to allow the Sale to go throguh since the money is going to the creditors anyway and she only owns 12.5% but he said "NO". THe Trustee will bring their Motion to Dismiss to be heard in September and we will go from there.
I thought about an Ex Parte MOtion for REconsideration but there is no final order yet.
The rest of the family is furious because they may lose this deal because of the hold up. Any thoughts of what I can do?
Thanks,
Nate Berneman
Do you Yahoo!?
Read only the mail you want - Yahoo! Mail SpamGuard.
The post was migrated from Yahoo.
The bankruptcy has two lives. The life of the assets, and the life
of the debtor(s). The life of the assets is the estate. The life of
the debtors is their time between filing and discharge.
When the debtor(s) get(s) a discharge, the case is over, they have
the prize.
When the creditors get paid their dividend, the case is over, they
have their prize.
The two should not be confused, they do not track with each other
and don't often overlap.
If the trustee is trying to sell property, he is dealing with the
estate, not the debtors. A trustee can keep an estate open for
years. The estate does not close till the trustee tells the court
there are no assets to administer (no asset report), or the trustee
files, and the court approves, a final report of distribution to the
creditors.
Do your motions to compel abandonment without reference to the
discharge.
dennis
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