Posted by JohnBoy on August 04, 2004 at 10:56:29:
The BEST way is to get a copy of the approved plan and go see a good BK attorney. Then get together with the seller’s BK attorney and work it out accordingly.
Most likely the trustee will have to approve of the sale. All of the other creditors will have to be notified and they will have the right to object to it or ignore it. If they object a hearing on the matter will take place and the court will decide on the matter. If no other creditors object then the court will likely approve of the sale. This is a process that can take months to resolve. The creditors will have to be notified. They will have a time period allowed to respond. If any respond and object, a hearing date will be set. So it depends on how fast the court is moving. But figure at least 2 - 3 months and possibly longer.
Now the chapter 13 plan may already allow the debtor to sell the property without having to get approval. It depends on what the plan says. But it most cases, the trustee will have to approve of the sale and that could take several months before getting approval.
Get your own attorney that specializes in BK law and get a copy of the seller’s BK plan approved by the court. Then get with the seller’s BK attorney and work things out accordingly.