Hi. If I file for C7 and it is an asset case, and I have some property that the trustee sells - what happens th ethe extra money if the property is worth more than I owe? Say I owe 65k in debt, an the property sells for 110k. I understand the trustee gets a cut, but what happens to the extra 30k? Thanks.
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What's left after paying expenses of sale, the trustee and the creditors will go to you. If you have that much non-exempt equity, why not sell the property yourself and avoid bankruptcy?LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent! -
Thanks for the response.
Sorry fo r being vague, but "the property" is actually not a house or piece of land - it's intellectual property that I do not want to let go of. Understandably, the best thing to do might be to not file and work something out with my creditors; I am just trying to do as much research and gain as much info as I can, as to better prepared for when the time comes for me to sit down with a lawyer.
If, after filing, the property does fall to the trustee, and I offer to give the trustee the full $ amt owed plus their percentage, and the trustee can actually get MORE for the property than I owe, can they still sell it? Or must they take my offer, which pays back the creditors in full? Thanks.Comment
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We were an Asset case, but our extra property was not intellectual in nature, but extra stuff that Florida's exemptions didn't cover. We were offered the chance to buy our property back from the BK Estate, at a discount. It was tough making those payments, but these items were family heirlooms that mean things to us, but nothing to strangers. So the trustee was pleased, and so were we.
Good wishes to you.
"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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