Purchasing property in Ch. 7, Trustee Involvement

[l99684]

[iv65536]

Basically, the trustee will not be selling the property. You are looking at a no-asset personal bankruptcy, and the property is most likely worth less than the debt secured by the property.

However, I would watch for it as a potential foreclosure down the line. Watch for a motion for relief from the stay.

[l99684]

and I am assuming the creditors holding secured claims will be filing this??

[l99684]

also, if a "motion for relief from the stay" is not filed, this means the property goes back to the debtor?

[iv65536]

If a creditor holding a secured claim secured by the property, the creditor can file this motion; if the loan is still being paid, the creditor generally won't. If relief is granted, then the creditor will be allowed to foreclose. If not, any potential foreclosure would have to wait until after the case is closed. The last day for objections to discharge would be October 25 (assuming no extension is ordered and 8/24 was the original 341 date). You may also want to look at the statement of intentions as set forth by the debtor.

[iv65536]

also, if a "motion for relief from the stay" is not filed, this means the property goes back to the debtor?

From what was listed, the debtor will generally retain the property provided payments are made. The stay is in effect generally during the time the case is open.

[l99684]

Great thanks for your help! I will keep checking Pacer.