Need Opinions On Asset Negotiations....

[tlk9]

I filed chapter 7 no asset back in oct 05 under old law,I was discharged on 2/14/06 all that is left is dealing with one asset in particular,I am desparately wanting to get my case closed and I am asking for opinions on how I should deal with trustee,here is the particulars, The house was my fathers before he passed away last year,i purchased it from his estate for 45k,The trustee asked if I had an apraisal of it and i did for 62k,I have a mortgage on it for 38k,at auction probably 45k, I would like to keep it as It belonged to my father ,i have a renter in it now,Does anyone know if this is something he would definately go after? I have told my attorney that if he wants it to take it,should I even try to make a deal? or is it better to just let him decide if he wants it and surrender it to him if he does,or is he basically just trying to get some cash from me?. Thanks

[SinkingFast]

It's untelling what's going on. You're discharged. That's good. Your not closed, so the Trustee could still come after the property.

The pre 10/17 filing rush is finally getting cleared from the Courts, but New Law filings are picking up as well. The Trustees are bit betwixt and between right now on some Old Law cases. Trustees are at the end with those, while having to shift gears to proceed with New Law filings that have begun.

The Trustee could have ordered a "fair market" appraisal of the property and be waiting on that. Or the Trustee could be doing nothing about your case. On the one hand, you want to know something, but on the other hand, you don't wanna stir up a hornet's nest by asking for info.

No news is good news in BK. Probably the best thing you can do is sit on your hands and wait. Prepare yourself for the worst. If the Trustee does want the property or a cash settlement, what can or will you do. And hope for the best. That the Trustee closes your case soon without a hitch. If it begins to drag on, you may want your attny to ask the Trustee about closing. But not yet. You've just been discharged.

[StaciMM]

If he expresses an interest, that would be the time to try to work something out IMO. I think you said you figure it might sell for $45,000 at auction, but owe $38,000? Considering the trustee would pay someone to handle the sale he probably wouldn't get much if $45,000 is a fair expectation.

[bubbly]

what exactly is "motion to compromise"?

Can you explain in more detail? Is it a good thing or a bad thing?

Thanks!

[concerned]

On the one hand, you want to know something, but on the other hand, you don't wanna stir up a hornet's nest by asking for info. No news is good news in BK. Probably the best thing you can do is sit on your hands and wait.

I couldn't agree more! We're in a similar situation and we are not talking to anyone just yet. We want our case to close soon, and I have been checking PACER daily. I think your best bet is to wait for at least a couple weeks. It's my understanding that the average time to close for a normal case is 10 days so you may be closed soon--hopefully we will be too!