Can you sell personal assets during a chapter 7 bankruptcy? 7 Answers as of May 29, 2014

I have just concluded the 341 meeting of my Chapter 7 bankruptcy and I am now in the statuary 60 day period. When can I sell personal assets listed on schedule B without fear of encumbrance by the bankruptcy trustee?

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Steven Alpers | Steven Alpers
I would not sell anything until you get the notice of discharge. Someone could object to your assets being undervalued. You have a duty to report if you receive any large sums of money or inherit etc within 6 months of discharge. So the items must be sold about the value you listed or you could face issues.
Answer Applies to: California
Replied: 5/29/2014
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Look on the court docket at the courthouse. If the trustee has filed a "no asset report" you can sell your personal property.
Answer Applies to: California
Replied: 5/29/2014
Law Office of Peter M. Lively
Law Office of Peter M. Lively | Peter M. Lively
If you exempted the assets, then they pass from the estate to you after the expiration of the time for objections to the exemption. That is the point when you can sell exempt assets. For all other assets you must wait until the case is closed.
Answer Applies to: California
Replied: 5/29/2014
Law Office of Paul Staley
Law Office of Paul Staley | Paul Staley
No. All your property became property of the bankruptcy estate as soon as you filed your petition for Chapter 7 bankruptcy. During this 60-day period, a few things will happen. The trustee will issue a report of no distribution, then subsequently an notice of abandonment of bankruptcy estate property back to the debtor (you). However, if yours is a no-asset case, the better practice during this 60-day period is to simply ask permission of the trustee to sell property. Occasionally this could backfire though depending on whether claims are filed or an adversary proceeding is commenced. Best practice overall: wait until the discharge issues and the case is closed.
Answer Applies to: California
Replied: 5/29/2014
Danville Law Group | Scott Jordan
If the assets were exempted, you can sell them at any time. If they were not exempted, you should wait until after the discharge is granted and the case is closed.
Answer Applies to: California
Replied: 5/29/2014
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