Inventory Assets Sell by Trustee or Buy Back?

[janiemcman]

My husband has an LLC. We filed and in December, 2009 our bankruptcy was discharged. We were told by our attorney that our case was closed. The trustee had not issued a no asset letter apparently due to inventory held by the LLC. I was contacted by the trustee's office this past Friday that they were going to attempt to sell the inventory and if they did not receive an offer within the next week they would close the file and issue a no asset letter. This letter is crucial as our home mortgage modification finalization rests on this letter. We weren't instructed by our attorney to preserve and not use this inventory so we used it. Probably most of it is still here. The trustee told me that the bankruptcy could be reversed as a result of not preserving the inventory. The inventory cost of merchandise was $10,000 however the retail cost is a little higher. My questions are whether or not anyone else has experienced this issue. If we make a bid to buy back the inventory is it based on the cost or retail value? How much should we bid.

[frogger]

If there was an asset/inventory issue, your case would not be closed until that was resolved.

Your trustee does not want your inventory, they want a fast, easy sale for the merchandise. How much could you get for it today at a fire sale? That's what it is worth and I would probably offer that or less.