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I need some insight please..

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    #1

    I need some insight please..

    I have an issue that I feel is hard to explain, but I will try my best because I need some insight on the situation. I was contacted last year by an attorney representing a company that owned numerous acres of land saying that while they were conducting a tile search my name, plus others family members names were attached to the deed and that it was an error and that we needed to clear it up (or else). It is an error, a big one for sure, but I'm willing to clear it up and they are willing to pay me $690ish to do so.

    I told my bankruptcy attorney before filing in an email, during, and gave him the attorneys letter (the one saying do it or they will sue), the lease that expires in September (for mineral rights), and so on. Was that suppose to be listed in our bankruptcy as an asset? I own mineral rights below the surface, but I do not own the property. I feel like as much as I went on about it that it should have not been over looked and maybe there is a reason behind it. So before I get email happy I thought I would ask here. I'm worried this will cause a fuss with the trustee and cost more money. The attorney that we have consulted for the error said my BK could be amended and the money from the sale would be up in the air, but I might be able to keep the money because it would be under a thousand. He mentioned as long as I say something, which I already did previously, that my attorney would be the one held responsible.

    Is it that easy? I have no choice but to clear it up or the company will sue me. My case is still open because I'm buying back assets, and man the $690 would help pay it off... Ugh, thanks!
    Last edited by gemsnroses00; 06-03-2013, 01:06 PM.
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    #2
    It sounds like the cloud on the title deals with selling the property but maintaining the mineral rights. Something went amiss with the transfer of the real property. If so, yes this needs to be corrected, however, you do not have the authority to correct it at this time. You need to immediately amend Schedule A or B (depending if your state considers mineral rights as “real property” with a recorded deed) to list ALL of the mineral rights you own. You need to inform the Trustee and send him a copy of the amendment and the letter advising you of the cloud on title. The Trustee may or may not take steps to clear up the title and then sell the mineral rights. Again, at the moment you have no authority to do anything.

    Des.

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      #3
      Okay, thanks. I inherited this stuff, oh the joys!

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        #4
        Originally posted by gemsnroses00 View Post
        Okay, thanks. I inherited this stuff, oh the joys!
        Yup. People often hope for an inheritance. Sometimes that "gift" comes with a lot of baggage.

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          #5
          True Bt! I emailed my attny, he said he will contact my trustee, fun times!

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            #6
            He said she might waive the bankruptcy estate's interest or step into my shoes and deal with it.

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              #7
              Do you even want these mineral rights? Depending on how long ago all of this happened, you may still be able to 'refuse the inheritance'. You can do that, but I believe it has to be done in a certain time-frame. Also you are now in an active BK so as Des said, you have no authority...
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

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                #8
                I do, it's just be complicated at times.
                Originally posted by AngelinaCat View Post
                Do you even want these mineral rights? Depending on how long ago all of this happened, you may still be able to 'refuse the inheritance'. You can do that, but I believe it has to be done in a certain time-frame. Also you are now in an active BK so as Des said, you have no authority...

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                  #9
                  When is a good time to check back without appearing to be pesty? Everyone is wondering what the deal is and I feel up tight about it..

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