I got my discharge on Jan. 3rd. I have two rental properties, one that has equity in it, which for sure the trustee will take and the other one which is underwater. I'm concerned about the underwater one, would the trustee take that? It's my understanding that rental properties are non exempt. I'm just wondering when my case will be closed and if i will be able to keep the underwater property due to not having any equity. I know it's good to have the discharge, but I would feel better to have the case closed.
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It will take months, if not a couple of years to close the case. It sounds like so far the Trustee has not taken steps to sell, the property that has equity. Has he even filed an Application to Appoint a Realtor? There are a ton of steps that must be taken by the Trustee 1) before he liquidates assets; 2) distributes the funds collected; 3) does his final accounting; and 4) closes his file. In addition, I trust that if you are collecting rents on either property you are turning over those rents to the Trustee.
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In our case it was about 15 months. But there was no rental property--or any real estate for that matter--involved."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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