What is the time frame to get this closing done so that we can close ASAP on our new home? 9 Answers as of August 11, 2015

We were set to close on our new house on 7/31 but the seller converted her bankruptcy from Chapter 13 to Chapter 7 2 days prior to closing, July 29th. Now we are having to wait on the trustee to be assigned so that we can request abandonment of property as it was/is exempt in both chapters. We are extremely anxious and need to know if we should move on to another home or simply wait it out as for a couple of days, weeks or months? The title company state they just need the Notice of Abandonment to proceed. Please advise.

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Ronald K. Nims LLC | Ronald K. Nims
You're looking a month minimum. It's one thing to say that a property is exempt and another to have the trustee investigate and agree with that conclusion. How long is your loan commitment?
Answer Applies to: Ohio
Replied: 8/11/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
The trustee has to voluntarily abandon or the debtor has to file a motion to abandon, but that could take 4 to 8 weeks by motion.
Answer Applies to: New York
Replied: 8/10/2015
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
I'd advise you to see a knowledgeable local bankruptcy attorney who can discuss this with you. It will depend in large part on the local rules and customs and who you have for a Trustee. You may need to file a motion to push for abandonment.
Answer Applies to: California
Replied: 8/10/2015
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Contact the Sellers and verify that their attorney in the Chapter 13/Chapter 7 conversion is going to do the motion of abandonment and the notice to creditors. The Trustee in the Sellers' Chapter 7 case may not sign the stipulation of abandonment until the Debtors/Sellers appear at the creditors' meeting. Once the Trustee signs this stipulation, notice must go out to the creditors and you can get court approval within about 25 days. You can also meet with an experienced BK lawyer to explain all this to you. Good luck!
Answer Applies to: Colorado
Replied: 8/10/2015
Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
I would call the Trustee and see if he can put a rush on his decisions and Motions.
Answer Applies to: New York
Replied: 8/10/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Getting any court order signed in bankruptcy court is going to take at least 6 weeks absent an agreement signed off by the trustee. I would have to know who the trustee is in order to venture a guess as to whether the trustee would sign off on an agreement.
    Answer Applies to: Nevada
    Replied: 8/10/2015
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    At least 45 days.
    Answer Applies to: Florida
    Replied: 8/10/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    First of all, a Trustee was assigned a few minutes after the case was filed. A capable bankruptcy lawyer can get the information in seconds from the court database. The Trustee is unlikely to abandon the property until after the meeting of creditors, which is usually held about 30 days after the date of filing the petition. The Trustee will need to be convinced that there is no equity in the property above the mortgages, unpaid taxes and homestead exemption. You could get this information yourself and mail it to the Trustee with a request that he abandon the property. Or you could have a lawyer do it for you, which would probably be faster and a bit more likely to succeed.
    Answer Applies to: Wisconsin
    Replied: 8/10/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    The property will not be abandoned until after the 341(a) hearing which is set by the court. That date should already be determined. You have to wait at least that long.
    Answer Applies to: California
    Replied: 8/10/2015
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