Legal Question in Bankruptcy in New Jersey

Re: Bankruptcy

This is where a trustee in bankruptcy determines that a particular asset of the bankrupt debtor's estate has no real value or is burdensome to the bankruptcy estate, and thus causes the issuance of a required notice to creditors and other interested parties of his/her proposal to release or "abandon" that asset from the bankruptcy estate, resulting in that asset no longer being subject to administration as an asset of the debtor's bankruptcy estate and no longer subject to the provisions of the bankruptcy code or the jurisdiction of the bankruptcy court. Creditors and other interested parties are provided this advance notice so that they can object and be heard on such objection by the bankruptcy court before the abandonment becomes effective. The notice is generally issued by the Clerk of the court and provides for the time within which an objecting party must file and serve its objection to the proposed abandonment.