Legal Question in Bankruptcy in Florida

Liquidation of assets after discharge

I have received a discharge in a Chapter 7 bankruptcy case, but I believe the case remains open until the trustee liquidates assets and pays creditors. I have out-of-state property (land) that I plan to reaffirm but the trustee believes it is worth enough to result in substantial equity. I don't believe I have any equity in this property (due to a poor buying decision when I initially purchased the property). I provided the trustee (and the trustee's attorney) a copy of a 1997 appraisal, along with two tax assessments--one done in 1992 and a reassessment in 2000-- which indicate the property has actually depreciated. These three documents together, I believe show that there is no equity. My questions: What happens next? If I order another appraisal that shows comparative value will the trustee accept this as the actual value of the property? How long can I expect to remain in limbo before the case is concluded?


Asked on 12/17/00, 1:50 pm

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Liquidation of assets after discharge

Read again Mr Finner's reply.

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Answered on 12/26/00, 3:43 pm
Wendell Finner Wendell Finner, P.A.

Re: Liquidation of assets after discharge

I assume you did not claim an interest in the property as exempt - if you did there is a different procedure. Unless the property is exempt or abandoned by the trustee, the trustee must sell the property. You can file a motion with the Bankruptcy Court asking that the trustee be ordered to abandon the property if there is no equity. If there is equity but a dispute over the unencumbered value, the trustee may accept an offer from you to purchase that equity from the bankruptcy estate.

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Answered on 12/22/00, 6:27 am


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