Notice of Intent to Sell after full payment to Trustee

[stray]

In answer to the trustee's letter for "Demand for Non-Exempt Assets", we paid and his office received our full payment yesterday which was his deadline.

Just saw on PACER that yesterday, trustee filed a "NOTICE OF INTENT TO Sell Property at Private Sale". It says that an offer has been received by us for the 2 vehicles listing the $ amount the trustee "demanded" from us.

The notice states:

"NOTICE IS GIVEN that the trustee will sell the property, ...upon the above terms and without further notice unless within 23 days of the Trustee’s date below, the trustee receives a bid exceeding the above offer by at least $1,000.00 (and upon the same or more favorable terms to the estate), or an interested party both: (1) files a written objection to the sale, the reimbursement of fees and costs or broker's compensation, setting forth the specific grounds for such objection with.... and (2) serves a copy thereof on the trustee....

If no objection is filed, but the trustee receives any upset bids in the manner required above within 23 days of the Trustee’s date below, the trustee will notify all persons who have expressed an interest in purchasing the above property of the date, time and place of a meeting at which the trustee will conduct an auction and sell the property to the highest bidder without further notice."

Is this a standard procedure? I only see the court on the document, does this go out to our creditors? Will I know if he gets offers? It seems I paid for my assets, but didn't really.

[tobee43]

sounds standard under the bk rules. it's just the proper notification. it's usually something like this (and this is just a quick sample):

LOCAL RULE 6004-1: SALE OF PROPERTY

The trustee or debtor in possession may give general notice of intent to sell property when all of the nonexempt property of the estate has an aggregate gross value of less than $2,500. Such notice may be given at the meeting of creditors, and the clerk is to provide notice in the "Notice of Commencement of Case Under ... of the Bankruptcy Code, Meeting of Creditors, and Fixing of Dates" that this procedure may be followed.

Motions to sell property free and clear of liens pursuant to Bankruptcy Rule 6004 and 11 U.S.C. § 363 may be made by passive notice (without a hearing, unless a party files an objection to the motion). Motions using passive notice shall conform to Exhibit 1 to this Local Bankruptcy Rule. These motions shall be served on all parties in interest.

A party desiring to sell property free and clear of liens and seeking a hearing on the proceeding shall, in addition to filing and serving the appropriate motion with memorandum, request a hearing date and time from the court when the motion is filed and send to each party in interest a notice conforming to Exhibit 2 to this Local Bankruptcy Rule. This notice shall be served by the moving party at least twenty (20) days in advance of the scheduled hearing on the motion.

A report of sale conforming to Exhibit 3 to this Local Bankruptcy Rule must be filed by the moving party within ten (10) days after the closing of any sale of estate property. If the sale does not close within thirty (30) days after court approval or within thirty (30) days after the time for filing objections has expired, whichever is later, the moving party shall notify the court and the United States Trustee in writing of the status of the sale.

If a party using the passive notice procedure desires an order authorizing the sale of estate property, an application, proposed order and certificate of no objections conforming to Exhibits 4, 5 and 6 to this Local Bankruptcy Rule, respectively, shall be filed with the court after the time for filing objections has expired.

The following actions must be brought by adversary proceeding and cannot be accomplished using the passive notice procedure described in this Local Bankruptcy Rule. See Bankruptcy Rule 7001.

(1) Determination of the validity, priority, or extent of a lien or other interest in estate property; and,

(2) Approval, pursuant to 11 U.S.C. § 363(h), for the sale of both the interest of the estate and that of co-owner in estate property.

(EXHIBIT 1 TO LOCAL RULE 6004-1--PASSIVE NOTICE)

UNITED STATES BANKRUPTCY COURT

DISTRICT OF SOUTH CAROLINA

IN RE: )

CASE NO: _____________

CHAPTER: _______

DEBTOR. )

TO: All Creditors and Parties in Interest




someone will correct me if i'm wrong but it's just putting the ok stamp on what you agreed to pay for your cars then having the courts file it properly so you as well as the trustee is covered under the law.

[despritfreya]

Yes it is standard. Trustee has to "sell" an asset for the "highest and best offer". He is using your payment as the opening bid and is assuming no one will bid any higher. He will notice this to all creditors on the mailing matrix, wait 23 days and then file a Notice of No Objection and submit an Order finalizing the sale to you shortly thereafter. Like I said, it takes a very long time to distribute $$ and close a case. Don't lose sleep over this.

Des.

[AngelinaCat]

Our trustee accepted our payments--of course it was a proposed plan to pay $450.00 a month until satisfied. We didn't have the extra step you seem to have.

[stray]

Okay, thank you everyone. I'm glad it's just standard, thanks Tobee. Thanks Des, no I'm good now, not losing sleep. Not used to all these legal documents with my name on them, the precise language is just a little scary sometimes.

[tobee43]

yes, it truly is intimidating! & ur very welcome