Proposed Abandonment???

[LTN6571]

Hi All...

DW and I had our 341 on Wed. 8/11 and all went well, I guess? Our atty was 20 minutes late, but the Trustee only called for us twice before he showed up.

From what I gather on the forum, our hearing went as per the norm. About 5-10 minutes and the usual questions. At the end he stated, "Okay, I have nothing further".

We left that day, and when I checked PACER it had the usual trustee statement about no assets, and the other language.

So today, Saturday 8/15, I got a letter via regular mail from the trustee that was a "TRUSTEE'S NOTICE OF PROPOSED ABANDONMENT".

We never discussed forclosure/ride-thru/reaffirmation at the hearing, so I was wondering if this is just normal procedure or something I need to concern myself with? I plan on calling my atty Monday, but would like some advice/info in the meantime.

FYI, we intend to keep paying the mortgage until as such time in the future when we need to move. About 3 years when DD starts school.

Thanks

[DeadManCrawling]

I wonder if this has anything to do with a mortgage at all. This could apply to a home as well, if you could not exempt all the equity.

But could be something else too.

Did you have something else that you could not find an exemption for? A second car, an ATV, trailer? Or it could be a piece of real estate, a gun, anything at all really, but something you could not claim as exempt?

If you did, the trustee decided it wasn't worth the effort to take it and sell it.

[AngelinaCat]

You were sent a copy of a proposed Order that will be presented by the trustee to the judge. What is the item in question, if I may ask?

We were ruled an Asset Case, but among other things we owned, the 'family' car had a mortgage on it, our real property is Homesteaded and actually is owned by another entity, and we hold a 'Life Estate' on it. There were two other cars, a 1993 Pontiac and a 1968 Chevy Impala project car that had been parked for four years.

These four items were formally 'Abandoned' by the trustee--meaning he had no interest in liquidating them for the BK estate--because they were either "fully encumbered, and/or exempt, or too old to be of value."

The judge will sign the order, then you won't have to worry about the whatever-it-is.

I hope this helps put your mind at ease--especially going into the weekend.

Good luck!

[LTN6571]

Sorry...guess I should have been a bit clearer in my OP.

This item in question is our house.

[bkmaggster]

"TRUSTEE'S NOTICE OF PROPOSED ABANDONMENT".

This isn't about you abandoning anything. This is about the trustee abandoning any interest in your assets. This is a good thing.

[dingdong]

It means the TT has no interest in the equity (if there is any) in your home.

So perhaps if there is a bit of equity above your exemptions, it is not enough for the TT to deal with selling the home to obtain non exempt assets.

Little bit of sunshine in your mailbox!

[LTN6571]

Thanks for the replies and assurances!!

[Beachlover2]

I received the same Notice the other day as well. It scared the daylights out of me, I was shaking like a leaf. I thought we literally had to abandon the house. Our lawyer also never mentioned this. I left him a message, still shaking, he is on vacation though this week. I then hopped on here and saw the clarification. WOW!!!! what a relief. I have learned a ton from.

[tcreegan]

abandon = good

Hi all,

.....like bkmaggster said, trustee intention of abandonment is a good thing. They are not going to come after your assets and now they are yours. Enjoy!

Tom in Colo