Property Abandoned difference between OA and DA

[birdprincess]

Just got the Trustee's INterim report and it lists all but our surrendered undeveloped land as Property Abandonded DA...what is the difference between DA and OA?

Thanks!

\Birdprincess

[Pandora]

Here is the code:

11 USC 554 - Sec. 554. Abandonment of property of the estate

U.S. Code - Title 11: Bankruptcy

a) After notice and a hearing, the trustee may abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate. (b) On request of a party in interest and after notice and a hearing, the court may order the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate. (c) Unless the court orders otherwise, any property scheduled under section 521(1) of this title not otherwise administered at the time of the closing of a case is abandoned to the debtor and administered for purposes of section 350 of this title. (d) Unless the court orders otherwise, property of the estate that is not abandoned under this section and that is not administered in the case remains property of the estate.

[AngelinaCat]

Here is a thread in which that question comes up:

http://www.bkforum.com/showthread.php?46558-What-does-this-mean

But basically OA means that the asset is not enough for the trustee to bother with so he is abandoning it. DA means that the asset is either covered by exemptions or has zero value.

[birdprincess]

Thanks for the quick reply. So this means I can keep my dogs!!!

Birdprincess

[AngelinaCat]

It probably means that you won't have to buy them back from the BK estate.