Property I Don't Possess

[danaf]

I completely agree with lprn. This one issue is too important to guestimate on since it involves someone else's home. The consultations are free and they don't need to know you intend on filing pro-se.

[AngelinaCat]

Since you have now filed... Congrats Again!! How did you handle this question?

[Debster222]

Since you have now filed... Congrats Again!! How did you handle this question?

I put it down as future interest and I was reading something that said since the person living there is on disability that there is an additional exemption. I just put it down and we'll see what happens.

There are a few problems with the property that would probably make the trustee not want to mess with it. Mainly that there's a fairly large secured loan against it.

It was left to my friend and his brother when their father died about 10 years ago. It was 28 acres that was divided in the will between the two of them. They each pay property tax on their respective pieces, but it has never been "legally" subdivided by the county and whoever is in charge of division of land. The whole thing is kinda sticky and even if the trustee wanted to take it and sell it....good luck is all I have to say. He spoke to a Realtor a few years back just to see what it was worth, etc., and he was told that he would have to pay to have it legally subdivided and that it would cost a few thousand dollars to have that done. Since it's his brother, he just leaves it like that.

[AngelinaCat]

I put it down as future interest and I was reading something that said since the person living there is on disability that there is an additional exemption. I just put it down and we'll see what happens.

There are a few problems with the property that would probably make the trustee not want to mess with it. Mainly that there's a fairly large secured loan against it.

It was left to my friend and his brother when their father died about 10 years ago. It was 28 acres that was divided in the will between the two of them. They each pay property tax on their respective pieces, but it has never been "legally" subdivided by the county and whoever is in charge of division of land. The whole thing is kinda sticky and even if the trustee wanted to take it and sell it....good luck is all I have to say. He spoke to a Realtor a few years back just to see what it was worth, etc., and he was told that he would have to pay to have it legally subdivided and that it would cost a few thousand dollars to have that done. Since it's his brother, he just leaves it like that.

I would think that this is going to all right then. The two brothers have an 'undivided half-interest' in the property, and for one or both of them to officially split it, they would have to hire a surveyor and pay to have it surveyed, new lines drawn, and a new legal description written. Then that would be turned into the county property appraiser's office and the new information recorded. That is very pricey. Also, if the land was used as collateral for a loan, then that would have to be satisfied, should the trustee think about trying to go after it.

The trustee will probably look at his options, but my bet now is that sooner or later, you will see a document on PACER and in the mail, that the trustee is abandoning the BK estate's interest in it, as being too encumbered with leins--or wording to that effect. Please keep us posted.