Posted by DavidGOR on August 14, 2004 at 03:42:33:
JohnBoy, Great info. That’s what I figured but didn’t want to hear - minimum 60 days - yuk.
DavidGOR
How long for BK Chap 13 Trustee to approve sale? - Posted by DavidGOR
Posted by DavidGOR on August 13, 2004 at 15:19:58:
How long does the BK Chap 13 Trustee and creditors (one of the 9 creditors is the IRS) have to approve the sale of a home?
I’m buying the $350k home at 75% loan-to-appraised-value.
The sellers agree to it because I’m going to lease back and they will get partial beneficial interest of the trust in a year or two.
DavidGOR
How long for BK Chap 13 Trustee to approve sale? - Posted by JohnBoy
Posted by JohnBoy on August 13, 2004 at 21:41:20:
Here is the way I understand this to work.
First the debtor will need to file a motion to be allowed to sell the property. Then the court will notify all the creditors. The creditors will have 30 or 60 days to respond if they have any objections or not. If a creditor does object then a hearing on the matter will be set. Then if the debtor wins their argument the court will allow the sale to happen. If no creditors object then the court will typically approve of the sale.
So usually you will be looking at about 60-90 days if no creditors object. If a creditor objects then it could be much longer. It also depends on how fast the court in that district moves with their BK cases. Some move quicker than others and some move slow. But the minimum will be whatever the number of days a creditor has to respond to the motion. I don’t remember off hand if they have 30 or 60 days.
The best way to find out is to talk to the seller’s BK attorney. He or She would be able to answer that the best since they are handling BK cases in that district.
But I would venture to say you will be looking at at least 60 days at the absolute minimum.