Can I sell commercial building after discharge of Chapter 7?

Asked over 1 year ago - Saint Louis, MO

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?

Attorney answers (5)

  1. Gary D. Bollinger

    Contributor Level 19

    3

    Lawyers agree

    Answered . 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.

  2. Walter C Oney Jr

    Contributor Level 17

    4

    Lawyers agree

    Answered . 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.

  3. Diane L Gruber

    Pro

    Contributor Level 18

    2

    Lawyers agree

    Answered . 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.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more
  4. Eric Jerome Gold

    Pro

    Contributor Level 19

    1

    Lawyer agrees

    Answered . MY colleagues have provided sound advice. Have you explored this issue with your bankruptcy counsel?

    ** LEGAL DISCLAIMER ** My response above is not legal advice and it does not establish an attoreny-client... more
  5. Richard Edmund Hawkins

    Pro

    Contributor Level 16

    1

    Lawyer agrees

    Answered . 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).

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