Experience Visit http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint). The Markus webpage also contains more information on
Education/Credentials J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here
Question We were listed as creditors in a former business partner's bankruptcy. He surrendered his home in the bankruptcy plan, which was approved several months ago. Since that time, he has been removing items from both inside and outside the property, including a pool and a shed. He claimed he was entitled because the foreclosure was not finalized. Is that true? If he sold these items, would he have an obligation to report any income to the trustee?
Answer Well, technically he's not supposed to sell anything without court approval, but in all likelihood the assets were exempt or otherwise already calculated into the plan payments, or else the plan wouldn't be approved. You don't indicate what Chapter was filed or whether a plan has been confirmed yet. The outcome may be different depending on which chapter was filed.
