QUESTION
If I have a travel trailer included in my chapter 13, I have someone wanting to buy it from the lender or trustee, is this legal?
Asked on Jan 14th, 2017 on Bankruptcy - Oregon
5 ANSWERS
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Your question is a mite confusing. You say 'if' you have a trailer, you have someone wanting to buy it. Assuming that you did not mean to make the question conditional, you certainly can participate in a sale so long as the Trustee and the secured creditor consent. You will want to be certain that the secured creditor amends its Proof of Claim, to reflect the partially paid portion of the secured claim.
Answered on Mar 15th, 2017 at 7:38 AM
Not generally. Hard to give you a specific answer without looking at your BK schedules. It's like calling a doctor on the phone who you've never met, asking about an Xray or an MRI. If you want to be sure, ask your attorney for clarification.
Answered on Mar 15th, 2017 at 7:38 AM
To sell any property while you are in an active bankruptcy does require the written permission of the bankruptcy trustee.
Answered on Mar 15th, 2017 at 7:37 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You can sell it but only with the trustee's consent. If amount of the proposed sale would be less than the amount of the loan, you'd need to consent of the lender also.
Answered on Mar 15th, 2017 at 7:36 AM
1 Award
Of course it is legal, but 1) you need court permission, and 2) you cant force the lender to accept less than the full loan amount. If you are selling it for more than the loan payoff, then just give your attorney the buyers name and purchase amount and he/she will know what to do.
Answered on Mar 14th, 2017 at 10:01 AM