Legal Question in Bankruptcy in California

Can you withdraw your petition and cancel proceedings?

I recently filed bankruptcy, but it appears as though my property is worth more money than research on my part determined. I do not want to lose my property. If I am forced to sell it, I would prefer to do so myself in hopes of selling it for both more than a trustee would be inclined to get and also perhaps sell it to someone I know and could buy back from later on, and rent back from during this time frame. I want to know how the trustee determines the ''Value'' of real property? Who's value stands to reason? Do I have any grounds for objecting to the over value or under value? Everyone knows that real estate's true value is only what someone is willing to pay, which at any given time can be over or under what other homes/condo's in the area could be sold for. If I am not able to withdraw my petition, in the event that my property value has been inflated by the trustee, and I cannot be given the opportunity to sell my property myself, how does the process work and how long do I have before I must vacate the property?

Any help and insight you can afford me is greatly appreciated.


Asked on 10/15/05, 5:21 pm

1 Answer from Attorneys

Robert F. Cohen Law Office of Robert F. Cohen

Re: Can you withdraw your petition and cancel proceedings?

Your bankruptcy lawyer should help you answer that question.

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Answered on 10/15/05, 6:29 pm


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