I was ordered to pay $15,000 to the trustee and he would not let me surrender two commercial properties. I told the trustee I did not want the property and he said he didn't want them either? I was discharged on 10/26/2012. I now want to sell one of the buildings. The title company says I can't? How can I sell the property? They said I have a waiting period?
Family Law Attorney
Did the trustee formally abandon the property? Is the bankrupcy closed (NOT the same as discharged)? If answer is yes to both, you may sell the property. Check with your attorney.
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2 lawyers agree
I have no idea what "waiting period" means in this context. I think the title company incompletely understands the impact of the bankruptcy on your ability to sell estate property. Your attorney can file a motion to abandon the property. With the court order allowing the motion, you will be free to sell it.
4 lawyers agree
Estate Planning Attorney
MY colleagues have provided sound advice. Have you explored this issue with your bankruptcy counsel?
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You wrote, " I now want to sell one of the buildings. The title company says I can't?"
A: The problem might be that the bankruptcy Trustee must abandon the building, on the record, before you can sell.
3 lawyers agree
Chapter 11 Bankruptcy Attorney
If the trustee didn't want them, I assume that they're upside down.
You need formal abandonment--and even that isn't always enough. If there are liens, for example, the buyer probably wants them removed.
The good news is that the seller will likely pay for these motions, whether to compel abandonment or to remove a lien. The real estate agent will likely advance the filing fee for an abandonment motion, while there is no filing fee to avoid liens (but there will be recording fees).