motivating the TT to close the CH7

[branainaz]

my Ch7 was discharged in June of 2009. The TT is sitting on land assets that were not exempt. we have been trying to sell this land for 6 years and not one offer, the majority shareholder in our LLC is asking an exorbitant amount . every time I try and do something financially i have to explain that my bk7 is discharged but not closed.
Is there a time limit that the TT can hold onto these properties?
How can i motivate him to abandon the assets?

[despritfreya]

If I recall correctly the land is titled to the LLC and you have a membership interest in the LLC. Assuming the property was originally purchased in the name of the LLC you do understand that the Trustee has no right to sell the land? He/she can only sell your membership interest in the LLC. (Barring any concerns over a fraudulent conveyance by you of cash to purchase the land.)

Have you (or your attny) called the Trustee or his/her attny and asked that he/she issue a Notice of Abandonment for the membership interest in the LLC that, despite having title to some land, apparently has not value? Have you offered to buy back the interest for some nominal amount?

You cannot "force" a Trustee to act and there is no "time limit" as to administering the case. The only way to force his/her hand is to file a Motion to Abandon the membership interest. Chances are the Trustee will oppose the Motion but, just maybe, it will cause him/her to move things along.

These are issues you should be discussing with your attorney. If you do not have one, maybe this is cause to at least consult with one to pick his or her brain.

Des.

[branainaz]

Thank you for your speedy response. In a very (round about way) the atty who filed our ch7 has indicated the same re: motivating and time limit. Thank you for your direct answer. I feel like I am now getting somewhere.
I have been reluctant to talk or write directly to the TT, all correspondence with the TT has been through my ch7 atty. but efforts to get my atty to act on this motion of abandonment have left me totally frustrated and I am done with him.
We watch every penny we spend since the ch7. So I have initiated this post to see if I could do this myself.
I am assuming the TT is camped on our 15% share of the LLC and waiting for a payday. I am also assuming that he is neither interested in nor will he ignore a request for abandonment.
This would leave only leave an offer to purchase the 15% share back from the TT. What about the Creditors? Are they not compensated in any way by this scenario? If the TT and I agree on a settlement of the asset is that the end of it?
Again I really appreciate your direct and specific answers to all my questions.

[despritfreya]

The problem you face is that you do have representation. The Trustee will be reluctant to negotiate directly with you as it relates to purchasing the asset unless your attorney tells him it is ok. This problem is compounded if the Trustee has hired his own attorney. Has he?

On numerous occasions I have removed myself from the negotiation process as, depending upon my client's sophistication, its just easier for the Trustee (or the Trustee's attny) and the client to communicate without some 3rd party (me) meddling in the process. You should discuss this possibility with your attorney before doing anything.

If you purchase the LLC membership the proceeds will be first used to pay the Trustee's percentage (fixed by law), the Trustee's attny (if he has one) and, if there is anything left over, it will be used to pay creditors. So, yes, the creditors have a vested interest in a quick recovery. Unfortunately, there is no definition for "quick".

Des.

[branainaz]

I have given up trying to communicate with my BK7 atty. he does not do what I have asked him to do. He will not return my phone calls or emails. I can only guess He got his BK money and is not interested in negotiating for me.
So... Do I contact the TT directly and see where He is at, with this asset? or do I seek out another atty. to act in my behalf?
I feel confident in negotiating this with the TT, I just want to go in armed with as much information as possible.
Can the Creditors block the sale of the LLC, if they do not like the deal or for any reason at all?
I have received from the US Bankruptcy Court a NOTICE FIXING LAST DATE TO FILE CLAIMS letter. Why would the Court send us ( the Debtors ) a notice which appears to be for Creditors only?

[despritfreya]

Do I contact the TT directly and see where He is at, with this asset? or do I seek out another atty. to act in my behalf?

There is nothing wrong with you calling the TT but the TT may tell you that he can't talk to you without your attny giving the "ok". Try it. I do not think you need to jump into hiring another attny at this point.

Can the Creditors block the sale of the LLC, if they do not like the deal or for any reason at all?

Of course they can. But, if you cut a deal, the Trustee will notice it out as a settlement and the real question becomes: "will they"? Probably not.

I have received from the US Bankruptcy Court a NOTICE FIXING LAST DATE TO FILE CLAIMS letter. Why would the Court send us ( the Debtors ) a notice which appears to be for Creditors only?

Because you are the debtor and everything that gets noticed out by the Clerk of the Court is sent to you so that you are properly advised of the activity in your case.

Des.