QUESTION
Can the trustee take a vacant lot that's annexed as an easement and only valued @$1,850?
Asked on Mar 07th, 2016 on Bankruptcy - Virginia
More details to this question:
I filed chapter 7 bankruptcy and received a letter from the court saying the trustee has advised the court that money may be available to the creditors. The only thing I have is a vacant lot valued by the county for $1,850. My lawyer says it's up to the trustee and we have to wait and see. I doubt very seriously anyone would ever buy this land. It's tiny. It's between two houses.
6 ANSWERS
Bankruptcy Attorney serving Livonia, MI
at
Charles J. Schneider, P.C.
Update Your Profile
Yes, he can but wait and see.
Answered on Apr 08th, 2016 at 4:35 AM
To answer your question directly, yes.
Answered on Apr 08th, 2016 at 4:35 AM
A bankruptcy trustee has a lot of power and certainly may take any property a debtor owns not protected by a state exemption and sell it. This decision would be entirely within the trustees business discretion. Your attorney has provided you with the right answer.
Answered on Apr 08th, 2016 at 4:34 AM
Bankruptcy Attorney serving Madison, WI
at
Richard B. Jacobson & Associates, LLC
Update Your Profile
You are very likely right about the difficulty of marketing the property so the Trustee may be wasting his/her time. Did you try to exempt this property? Discuss this with your lawyer: depending on where you reside, you may be able to amend your Schedule of Exemptions to include the property. Even if you cannot amend your exemptions, though, the Trustee might in the end abandon the property back to you. Or you could offer him or her some relatively small payment just to be done with the issue say $500.00. Good Luck.
Answered on Apr 08th, 2016 at 4:34 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
The obvious potential buyers are to two adjoining homeowners. The trustee is probably calling them to see if they're interested. It's the trustee's duty to check out potential buyers. Something you should consider is whether you should use your wildcard exemption on the property.
Answered on Apr 08th, 2016 at 4:33 AM
Bankruptcy Attorney serving Hampton, VA
at
Haven Law Group, P.C.
Update Your Profile
Your lawyer is correct. It has value and may be worth something.
Answered on Apr 07th, 2016 at 8:43 AM