I live in California. I filed for chapter 7 bankruptcy and the trustee has put my house on the market. My question is how long the trustee has time to sell the house, and can they sell my house for a very low price that only make money for the trustee and his lawyer and real estate agent? The creditors may only receive 10% or less of their money which I offered trustee 50% and he rejected it. I contacted my creditors personally and offered them 20%. All of them accepted but suddenly the trustee found out and told creditors to not do that since he would get 100% of their money back which is a big lie. Would it be legal to sell a house for the benefit of just the trustee's own people? Thanks
2 Answers from Attorneys
Converting your case too one under Chapter 13 or Chapter 11 will take it out of the hands of the chapter 7 trustee. http://www.absolutebankruptcy.org
The trustee has a wide range of discretion on what assets to sell to pay your creditors. You might be able to convert the case to a Chapter 13 or Chapter 11 payment plan, but you should consult a local bankruptcy right away.