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Would this be a good strategic move for an asset case?

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    Would this be a good strategic move for an asset case?


    #2
    In cannot answer your question as it relates to your "wild card" however, in general, under 11 USC 554 property of the estate is not abandoned until one of 3 things happens:

    1. Trustee files a Notice of Abandonment and the abandonment is not objected to;
    2. A party-in-interest files a Motion to Abandon and said motion is approved; OR
    3. Unless the Court orders otherwise, the case is closed.

    Generally, your Discharge has nothing to do with the abandonment by the Trustee. Your exemptions are deemed "allowed" if not objected to within 30 days of the 341 but if there is non exempt value then the Trustee has the right to administer the asset. Until one of the requirements of 554 are met, that property remains property of the estate.

    The quickest way to get the Trustee to abandon an asset that is of inconsequential value is to ask him to file a Notice of Abandonment. Your attorney can even daft it for the Trustee to sign.

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      #3
      Thank you for the advice. When the ball gets rolling I’ll ask our attorney if he can draft a letter for the trustee to sign and explain why we are requesting it. hopefully they will be helpful.

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