Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Ch 7 Asset case - Opinion on what I should offer TT for land

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Ch 7 Asset case - Opinion on what I should offer TT for land

    I am in Texas and my Ch 7 case was discharged Aug 2010 but as an asset case remains open. I own 50% in 10 acres of farm land. Another person farms the land and we receive $0 for this - we just call it an even trade for keeping it mowed! Anyway, listed in BK docs at a total value of $79,000. Taxable value $970 due to AG Exemption. TT sent an offer letter to my partner Feb 2011, offering to sell my 50% for $14,000. Partner declined and there has been no activity on the BK case since.

    My discharged debts were $74,000 so I know the TT has an interest in selling it for as much as possible to pay some to the creditors. However, I don't think selling half-interest in some farm land will be an easy task - I could be wrong. We purchased it as an investment and I would like to keep my ownership.

    Should I make an offer, a low-ball offer or do I wait and hope she abandons the property?

    Thanks for any insight anyone may have!

  • #2
    Originally posted by captss View Post
    I am in Texas and my Ch 7 case. . . (The bk estate owns) 50% in 10 acres of farm land. (I) listed (the land) in BK docs at a total value of $79,000. . . TT sent an offer letter to my partner Feb 2011, offering to sell my 50% for $14,000. Partner declined. . . I know the TT has an interest in selling it for as much as possible to pay some to the creditors. However, I don't think selling half-interest in some farm land will be an easy task. . . I would like to keep my ownership. Should I make an offer, a low-ball offer or do I wait and hope she abandons the property?
    You can send an offer to the Trustee of what you think the ½ interest is worth. Obviously it may not be worth the $14k offer the Trustee made to the co-owner, but I would think it is worth more than the AG exemption value. The Trustee will do one of the following:

    1. Accept the offer with no strings;
    2. Use the offer as an opening bid for the ½ interest and you can show up at the auction and bid higher if there are any other bids;
    3. Ignore the offer and sell the ENTIRE property to the highest bidder. Once sold your partner will receive ½ the proceeds and the balance will be used to pay the creditors; OR
    4. Realize the property is of inconsequential value and abandon it.

    Only you can determine how much to offer if you go that route. As to the abandonment, the Trustee could sit on the asset for a very long time before she does anything.

    Des.

    Comment


    • #3
      Originally posted by despritfreya View Post
      You can send an offer to the Trustee of what you think the ½ interest is worth. Obviously it may not be worth the $14k offer the Trustee made to the co-owner, but I would think it is worth more than the AG exemption value. The Trustee will do one of the following:

      1. Accept the offer with no strings;
      2. Use the offer as an opening bid for the ½ interest and you can show up at the auction and bid higher if there are any other bids;
      3. Ignore the offer and sell the ENTIRE property to the highest bidder. Once sold your partner will receive ½ the proceeds and the balance will be used to pay the creditors; OR
      4. Realize the property is of inconsequential value and abandon it.

      Only you can determine how much to offer if you go that route. As to the abandonment, the Trustee could sit on the asset for a very long time before she does anything.

      Des.
      Des,
      Thanks for your insight. As a long time lurker, I have read many of your posts and certainly trust in what you are saying. Just doesn't seem fair my partner can have his 50% sold out from under him. I will just have to mull over my options. Thanks again!

      Comment


      • #4
        I don't think a trustee can do that either. It sounds like you have an undivided half-interest in the land, and receive on rental monies for allowing the farmer to use it. Although you could figure out what it would cost you and your partner to keep the land trimmed and mowed yourselves, and what possibly you would derive in rent. I can see how you would consider it a 'draw'. We used to have farmland, and what we rented it out for paid the land taxes.

        But I digress. If the trustee wants to sell your half, he/she would have to get (or have you do it) a surveyor to come out and survey the land and divide the parcel into two pieces, with new legal descriptions. This is VERY expensive, and I cannot perceive a trustee wanting to go through this with this economy. Depending on where this land is located, it could either raise the value, or lower it. If the farmer using it, is being able to make a decent living, then losing half the acreage would damage that person also.

        Lots to think about.

        Good luck!
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

        Comment


        • #5
          Cat,

          FYI:

          Pursuant to 11 USC 363(h) a trustee can sell both the estate's interest and any interest of a co-owner in property in which the debtor has an undivided interest as a tenant in common, joint tenant or tenant by the entirety if

          1) partition in kind is not possible;
          2) the sale of the undivided interest held by the estate would produce significantly less for the estate than the sale of the entire parcel;
          3) the benefit to the estate outweighs the detriment to the co owner; and
          4) the property is not used in the production, transmission or distribution of energy services.

          Sales like this happen all the time where the co-owner decides not to play ball with a Trustee. Not fair, yes but. . .

          Des.

          Comment


          • #6
            Hi Des.

            I am very surprised at that at that news. It is very unfair that innocent parties can be so harmed. But, I know that 'life ain't fair'. I used to tell my students that when I was working at the high school....

            If I have given out bad advice, I apologize. It still seems that the affected parties ought to be able to appeal, though....
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment

            Unconfigured Ad Widget

            Collapse
            Working...
            X