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how to liquidate a land trust in ch 7

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    #1

    how to liquidate a land trust in ch 7

    Hi

    I am thinking of declaring ch7 if I can qualify. My wife isn't going to file.
    We own a house Tenants by entirety and I have a 500K Homestead as well so I am not concerned about that. But we also own what is basically a non buildable wood lot assessed at about $25K through a trust where my wife is trustee and we both are beneficiaries. We pay minimal taxes on it and just haven't tried to sell it. It's not easy to sell anyway.

    So my question is, can the trustee make my wife sell the land to realize my 50% of the sale or would the trustee allow my wife to buy out my 50% and if so would I need an appraisal or would the town assessor's valuation be enough (it should be, they generally assess high as values are still falling)

    Thanks (oh btw this is in Taunton MA)

    Bill
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    #2
    Bill you have a bunch of speculative questions. Your other assets in my opinion would be more questionable. Like how can you afford a 500k house and are worried about a 25k piece of worthless property? With what you stated, I would worry less about that thing than anything. It would probably be abandoned by the Trustee anyway as worthless. You need to give more info for help. Actually, you can afford a lawyer and that would be advisable.

    I don't think anyone here could answer this speculation. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      Yes, I'm going to see a lawyer, just wanted some idea about the possible disposition. btw 500K is what a Homestead is in Mass, nothing to do with the valuation. All Homesteads here offer protection for 500K. Thanks for the quick reply.

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        #4
        Originally posted by billf View Post
        Yes, I'm going to see a lawyer, just wanted some idea about the possible disposition. btw 500K is what a Homestead is in Mass, nothing to do with the valuation. All Homesteads here offer protection for 500K. Thanks for the quick reply.
        You are welcome. I would still not worry. We sold property and paid IRS and also preferential payments on it. It was more than 25k. As I said, it just may be abandoned. I would not fret on that one. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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