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Can a co trustee of an estate file bankruptcy to avoid foreclosure of a co-owned property?
Wiki User
∙ 14y ago
Probably not, but it may depend on a lot of factors you have not presented. A trustee does not have ownership and is not a debtor as such, merely a duty with respect to the property. A motion to the judge handling the estate to enjoin the foreclosure would probably be more successful.
Consult a lawyer in your area.
Wiki User
∙ 14y ago
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Can one sell property after the trustee has indicated what assets must be liquidated?
If you are in the midst of a bankruptcy proceeding the title to all your property is in the trustee. You can't sell any property. You should direct any questions to your attorney or to the trustee in bankruptcy.
What is a Motion for Abandonment?
It is in regards to property that the trustee has decided has a minimal value or would be less than the cost of liquidation. Any scheduled property that the trustee does not administer is deemed abandoned when the bankruptcy is closed.
When you file Chapter 7 and surrender your home are the judgment and liens removed from home for next owner if they were in Chapter 7?
You have asked a complicated question. State laws differ somewhat in terms of bankruptcy. Bankruptcy law is federal, but utilizes state laws for certain aspects so you should check to see which rules your state follows.Briefly and generally, a trustee in bankruptcy can abandon property if it has no equity or is difficult to sell. If the trustee is doing their job properly she/he will file a Notice of Abandonment in the land records to notify creditors of the intent not to sell the property. That gives the property back to the debtor and any other creditor that may have an interest in the property. A lender can proceed with a foreclosure for a mortgage in default. In that case, the foreclosure would wipe out any creditors that came after the lender as to that property only. Abandonment does not wipe out liens. However, property is only abandoned if it has little or no value. Also, a properly conducted foreclosure will pass legal title to the bank or the buyer.On the other hand, if you mean your trustee in bankruptcy has possession of your real estate the procedure is different. A trustee in bankruptcy can petition the court for leave to sell the real estate free and clear of liens if the sale will bring funds into the bankruptcy estate to distribute to creditors. If allowed, this procedure will enable the trustee to convey legal title to the premises and the buyer takes the property free of liens.
How do you stop trustee foreclosure sale in a few days in AZ?
The fastest way to stop a foreclosure on short notice is to either cure the debt or file for bankruptcy protection.
Where can one purchase trustee for sale?
One can purchase trustee sale, such as foreclosure property. One important thing to note about buying the trustee sale, it is a cash only type of purchase.
What do you do with property that has been unclaimed in a bankruptcy?
It depends. Depending on the interest of the Trustee in Bankruptcy, and whether or not they have abandoned the property, will determine whether or not the debtor in Bankruptcy will be permitted to take the property if the creditor has abandoned the property. Bottom line is that it depends on the facts, contact your Bankruptcy attorney or a reputable Bankruptcy attorney to get more information.
Can you sell property before filing bankruptcy?
Yes but the trustee can seek to include the money received in your estate. If you have sold it to family or friends to avoid losing it in bankruptcy, the trustee can have the sale reversed.
Who is responsible for property taxes and upkeep of home if the mortgage was discharged in chapter 7 bankruptcy and the foreclosure process has not begun in Florida?
The owner of record is responsible for taxes and upkeep until a deed conveys the property into another name. The owner will be responsible from the Bankruptcy file date until the date of Trustee's Sale- even if the original sale date is postponed.
If an offer on a property that is not having the mortgage paid because the owner is going brankrupt how does the potential buyer stand legally?
If the owner has filed bankruptcy the property cannot be sold. It is in the legal possession of the trustee in bankruptcy who cannot sell any property without the permission of the court. You can contact the court for the name and contact information of the trustee and direct any questions you may have to the trustee.
Can you sell your house while in bankruptcy?
You cannot sell your property during a bankruptcy proceeding. If a bona-fide offer is made to purchase the property a motion is filed for permission to sell. If allowed, an order is issued by the court that frees the property from the bankruptcy so it may be sold free and clear of your bankruptcy by the trustee. The proceeds from the sale will then be controlled by the trustee in bankruptcy.
Can you sell personal property when filing bankruptcy?
When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.
During chapter 7 can the creditors take your house in South America that you bought for 20k?
No, the creditors can't take the South America property. But, the Bankruptcy trustee can. The only exemption for real property is a homestead exemption and obviously your homestead cannot be in South America if you are filing bankruptcy in the US. So this property would be taken by the trustee and liquidated to pay your creditors. Directly the creditors can't take the property. Failing to list this property (Hey, it is in South America, how will they know????") can lead to charges of Bankruptcy fraud if found out. It is possible that the trustee would allow you to make a monetary offer to keep the property, especially as selling a foreign property is not easy. You would have to provide a valuation of the property proving the value to the trustee.
