Can I legally liquidate my assets after bankruptcy? 23 Answers as of June 09, 2013

I filed bankruptcy a couple of years ago. I owned equipment at the time that there was no market for therefore my attorney advised me to simply hold onto it. I have recently been offered money for one of the pieces of equipment and wanted to know the legal ramifications of selling it since the bankruptcy was discharged and I am making payments to the trustee.

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
I'm assuming you filed a Ch 13. If so, you need to ask for permission.
Answer Applies to: Washington
Replied: 8/24/2011
Heupel Law
Heupel Law | Kevin Heupel
If it was exempt property or the trustee abandoned the assets, then yes, you can sell the assets and keep the proceeds.
Answer Applies to: Colorado
Replied: 8/22/2011
The Law Office of Jacqui Snyder
The Law Office of Jacqui Snyder | Jacqui Snyder
If you are making payments to the trustee and your case is still open, you should call your attorney. It has been long enough that I would ASSUME the trustee is no longer holding your estate and you should be able to sell without any problems, but this just isn't enough information to give you a reliable answer.
Answer Applies to: Ohio
Replied: 8/18/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Check with your lawyer, that part about making payments to the trustee leads me to believe you are in Chapter 13. Orders of confirmation vary within the state, so check with the attorney first.
Answer Applies to: California
Replied: 8/15/2011
Law Office of Lynnmarie A. Johnson
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
Call your attorney, it would not be unusual for any repayment plan to include an acceleration clause if you receive money for any of the assets that were in place when your bankruptcy took place.
Answer Applies to: Michigan
Replied: 8/15/2011
    Dan Wilson Bankruptcy
    Dan Wilson Bankruptcy | Dan Wilson
    Need more information. Was your bankruptcy a Ch 7 or a Ch 13?
    Answer Applies to: Colorado
    Replied: 8/15/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    If you have received a discharge you can liquidate your assets without permission.
    Answer Applies to: California
    Replied: 8/15/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    If your bankruptcy case is closed then you can do whatever you want with your property.
    Answer Applies to: California
    Replied: 8/15/2011
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You can do what you want as long as you disclosed the equipment.
    Answer Applies to: Florida
    Replied: 8/14/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    If the bankruptcy is BOTH discharged AND closed (two different things), yes. If not, no. If you are making payments still your case is not closed and you cannot dispose of any asset without a court order. Discuss this with your lawyer.
    Answer Applies to: Georgia
    Replied: 8/14/2011
    Grasso Law Group
    Grasso Law Group | Charles Grasso, Esq.
    If you are making payments to the trustee, then your bankruptcy has not been discharged. Hopefully your attorney had you include the equipment on your schedules with the fair market value (at the time of filing) and exempted those assets.
    Answer Applies to: California
    Replied: 8/14/2011
    Paul Stuber, Attorney at Law
    Paul Stuber, Attorney at Law | Paul Stuber
    This sounds like it is an asset estate. You may have your discharge but the case is still open to deal with assets and payments to creditors. You may have kept the assets and are making payments to the Trustee to keep those assets. If they are the same ones that you are thinking about selling now there could be an issue. Talk to your attorney about the case and the stipulation that you entered into with the Trustee. Selling this piece of equipment may help in paying off the amount you owe the Trustee.
    Answer Applies to: Colorado
    Replied: 8/14/2011
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    Yes.
    Answer Applies to: California
    Replied: 6/9/2013
    Ross Smith, Attorney at Law
    Ross Smith, Attorney at Law | Charles Ross Smith III
    Yes, you can sell your assets legally after your bankruptcy case is closed by the Court or the Trustee has "abandoned" the property by motion. Thank you for reading me. I hope you found this answer to be helpful. This answer is not intended to create an attorney/client relationship. It is general information that should be discussed with your own attorney. Because the law in other jurisdictions is different and the facts of each case are different, consumers cannot rely on the opinions expressed here.
    Answer Applies to: Ohio
    Replied: 8/13/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    I'm not clear on your circumstances since you say you were discharged and that you're making payments to the trustee. Better to ask your lawyer; if in doubt, don't sell.
    Answer Applies to: Virginia
    Replied: 8/13/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Not enough information. You received a discharge, but are making payments to a trustee. Are you in a Chapter 13 or a Chapter 7. If it is a 13, it depends on what your plan provides. If you were in a Chapter 7, why are you making payments to the trustee? Was it to pay for non-exempt assets? If so, the funds likely would need to go to the trustee.
    Answer Applies to: California
    Replied: 8/13/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    If you have a plan to pay the Trustee for your non-exempt property, then the property is yours and you can sell it. The details of your case are not entirely clear from your question. You really should talk to your bankruptcy attorney to get specific advice about your case.
    Answer Applies to: Colorado
    Replied: 8/13/2011
    The Salas Firm
    The Salas Firm | Ron Salas
    If you are still in a payment plan you need to contact your attorney that is why you paid him.
    Answer Applies to: Colorado
    Replied: 8/13/2011
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    The entry of the order of discharge does not close your bankruptcy case. The entry of an closing the case which is prompted by a report of the Trustee that there are no assets for him to administer(sell) does close the estate. It leaves you free to sell your property as the Trustee is deemed to have abandoned the assets of the estate. You may wish to ask yourself why is the attorney you paid not answering this question.
    Answer Applies to: Michigan
    Replied: 8/13/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Talk to your bankruptcy attorney about that.
    Answer Applies to: California
    Replied: 8/13/2011
    Melinda Murphy Dionne, PC
    Melinda Murphy Dionne, PC | Melinda Murphy Dionne
    I'm sorry but I don't understand your fact situation. You indicate that you are making payments to your Trustee. Did you file a Chapter 13 case? If so, you would not have received your discharge if you are still making payments. If you filed a Chapter 7 case, did the Trustee abandon his interest in your equipment? You should contact your lawyer and determine where you stand on selling the equipment. If you can provide further information to me, I will be happy to try to answer you question with more detail. With the information you provided, it is not possible to give you an answer that is meaningful.
    Answer Applies to: Alabama
    Replied: 8/13/2011
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