Legal Question in Bankruptcy in New York

Buy back from Trustee

My wife and I are undergoing bankruptcy. I believe Chapter 7. I will have to give up a diamond ring, my wife's fur coat and a Classic car. My attorney said that I could buy these back from the Trustee. I was pretty much of a wreck and didn't get the particulars. What is the proceedure of ''buying back.?'' Thank you.


Asked on 1/24/03, 6:20 pm

1 Answer from Attorneys
Lance Spodek Lance Roger Spodek, P.C.

Re: Buy back from Trustee

In chapter 7 the essence is you give up all of your non-exempt property (ring, fur etc) to the Trustee (to sell for the benefit of your creditors) in exchange for having your debts cancelled. The Trustee does not care whom he sells to. You, as well as anyone else, can make an offer to purchase the non-exempt assets.

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Answered on 1/25/03, 4:31 pm


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