Urgent Re: 2000 Toyota 4runner

[AMISLANDER]

mom just received (at her new residence of a week) a notice re: my 2000 4runner being sold back to me but......


....that bids could be taken on the truck from any other interested parties...called the trustee's office. they said they were not supposed to be talking to me....but they are faxing a copy of the notice....

I just paid 1,486 plus another 1,600 or so (for a total of $3K) to keep the truck.....now, after shelling out the 1,400 they're saying the truck could be sold out from under me?

HELP...what gives.....like someone really wants to buy a 4runner that needs a starter, brakes, 2 catalytic converters, power antenna, ....????

[SinkingFast]

I found this for you Amis:

How are assets sold by a Panel Trustee?

Panel Trustees handle various assets that are eventually sold. Panel Trustees are allowed to sell assets of the estate after notice is given to all creditors of the debtor. Panel Trustees are not generally required to provide notice of bankruptcy sales to the general public. For sales of business property, the Panel Trustee will usually appoint an auctioneer to handle the administration and sale of property. Typically the auctioneer provides notice to the general public of these sales. Panel Trustees generally sell real property at a bankruptcy court sanctioned sale. A Panel Trustee may hire a real estate broker to market the property and to bring forward an original bid. When a potential bid is accepted by the Trustee, he will notice the sale through the Bankruptcy Court for a specific hearing date before a Bankruptcy Court Judge. At this sale, the Judge will ask for other competitive bidders and will sell the property to the highest and best bidders.Some Panel Trustees sell property at sales held in their offices once notice is given to the creditors or the estate. Successful bidders at a bankruptcy sale are required to complete the sale and pay the proceeds to the Panel Trustee. Bidders who do not close their sales may be liable for the full amount of the sale if the Trustee cannot find another buyer. Bidders must not collude together in order to rig a sale. This could be a violation of federal bankruptcy and criminal laws.

http://www.nabt.com/FAQ.html#anchor1457084

And then I found this:

www.miwb.uscourts.gov/content/services/buylist/4-4-07_6-3636.pdf

The situation is very similar to yours.

[AMISLANDER]

thank you sinking

I opened the letter last night & the sale is, of course, to me...however, if someone was in the market for a 4runner...$3k (the purchase price to me) is pretty cheap for a 2000...what if someone wants it?

[SinkingFast]

From what I read at a few different sites, this type of Trustee's Sale isn't common public knowledge. From what I learned, the Trustee only notified your Creditors about the sale. This isn't a publically advertised, full out Sale like others the Trustee's Office holds.

I don't know if that meant ALL your other Creditors that you listed on your Matrix. Or if it just meant Creditors holding a Security interest in the property being sold.

If it's just those with a Security Interest in the car, then you Mom will be the only one to get a notice, correct??!!

[AMISLANDER]

From what I read at a few different sites, this type of Trustee's Sale isn't common public knowledge. From what I learned, the Trustee only notified your Creditors about the sale. This isn't a publically advertised, full out Sale like others the Trustee's Office holds.

I don't know if that meant ALL your other Creditors that you listed on your Matrix. Or if it just meant Creditors holding a Security interest in the property being sold.

If it's just those with a Security Interest in the car, then you Mom will be the only one to get a notice, correct??!!

gee...don't know....hopefully, mom freaked out as she got the letter before me.....they never faxed me anything...lol...but it was in my mailbox when I got home...let's hope for best.