mineral rights

[ladyjenn]

We own 1/8 share of mineral rights on our cabin property. The land is not drilled on nor do we receive any royalties from anyhting. We paid $5K for them. Does anyone know how this works with BK7? We will have to sell our share or could it get converted to CH 13 as it may be considered an asset?
Thanks in advance

[GettingGoing]

We own 1/8 share of mineral rights on our cabin property. The land is not drilled on nor do we receive any royalties from anyhting. We paid $5K for them. Does anyone know how this works with BK7? We will have to sell our share or could it get converted to CH 13 as it may be considered an asset?
Thanks in advance

Personally, I would take a shove with you to your 341 meeting and if the trustee wants to take your "mineral rights" I would hand them the shovel and say have fun.

[ladyjenn]

Personally, I would take a shove with you to your 341 meeting and if the trustee wants to take your "mineral rights" I would hand them the shovel and say have fun.

LOL....that was funny. I needed that. Thanks!!
We have to send the info to our atty yet and see what he says. We don't make anything on it, nor will we in the "6 month look forward", but I am scared they will consider it as an asset and make us sell our share for a certain $$ amount.

[ladyjenn]

It is ultimately up to the Trustee, not the atty?

[GettingGoing]

It is ultimately up to the Trustee, not the atty?

Yes it will be up to the trustee. If there is no way to exempt it ans the trustee thinks they can make money on it to pay towards your creditors then they may take it. Its your attorneys job to figure out a way to protect it.

[ladyjenn]

I see! And he should darn it! LOL Is it possible that it could slide through and we could keep it, if he thinks there is no money to be made on it?

[GettingGoing]

I see! And he should darn it! LOL Is it possible that it could slide through and we could keep it, if he thinks there is no money to be made on it?

Yes thats possible. Your attorney will know much better than anyone on these boards how the trustees in your district handle things like this.

[music12]

an asset may be abandoned by the trustee if it's too much of a headache to turn the asset into money. it's the trustee's decision (unless you can cover it with exemptions in which case the trustee can't take it)

[ladyjenn]

Very interesting. Our Atty actually said the Trustee that we will be working with is a pretty good guy, so here is to hoping! Thank you guys so much for at least giving me a glimmer of hope!


There is also clauses in both cabin and MR stating that the cabin gets first chance to buy the share back...not sure how that will factor in, or if it even will.

[GettingGoing]

Very interesting. Our Atty actually said the Trustee that we will be working with is a pretty good guy, so here is to hoping! Thank you guys so much for at least giving me a glimmer of hope!


There is also clauses in both cabin and MR stating that the cabin gets first chance to buy the share back...not sure how that will factor in, or if it even will.

Its funny but before I decided to file pro se I met with a few attorneys and all of them claimed the trustees in my district were "great guys" and "best friends" with said attorney.

[ladyjenn]

Its funny but before I decided to file pro se I met with a few attorneys and all of them claimed the trustees in my district were "great guys" and "best friends" with said attorney.

And was he a decent guy???? Fingers crossed for YOU!

[GettingGoing]

And was he a decent guy???? Fingers crossed for YOU!

SHE was very nice to work with.

[tigergem]

SHE was very nice to work with.

Wow. They didn't notice that "great guy" "best friend" was female?

[ladyjenn]

I am glad she was nice! I am hoping our Trustee is as nice as our Atty says too!

[ecsclb1724]

how do they know what trustee they'll get before they file...???