Dubiln Packard

nj bankruptcy lawyer

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Notice of Proposed Abandonment

US TrusteeYou received a letter today that looks like the one below.

It says in bold print NOTICE OF PROPOSED ABANDONMENT.

Wow, that sounds scary, what the hay does this mean?

 

The words in the letter certainly are confusing but what it means is:

  • The trustee does not want to sell your property to pay creditors.

That’s it.  This letter is good news and means your case is progressing toward completion.

You see, when you file a chapter 7 bankruptcy case, the bankruptcy trustee is granted rights to all of your property and determines its value after considering any debts secured by the property to decide whether or not to liquidate or sell that property to pay some or all of your creditors.

When the trustee abandons your property, it means he/she evaluated the value and the debts secured by that property and determined there is no value in the property if it were to be sold.  Therefore, the trustee is abandoning his/her interest in that property and leaving you to do whatever you want with it.

 

Here is a redacted copy of a letter

 

Notice of proposed abandonment

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5 Tips to Choosing the Best Bankruptcy Lawyer in NJ

New Jersey Has Many Good Bankruptcy Lawyers.  How do you choose the Best Bankruptcy Lawyer?  Here are 5 tips.

Best Bankruptcy Lawyer NJ

  • Be sure your bankruptcy lawyer practices bankruptcy law primary if not exclusively. Bankruptcy law can be complex with many nuances. A good bankruptcy lawyer might handle 10 or 20 cases each month. Over five years, that can be about 1000 cases. A lawyer who dedicates most or all of his or her practice to bankruptcy cases will naturally know how to get your case prepared and filed correctly and get you the result you want.
  • Make sure your lawyer spends time with you interviewing you and asking specific and detailed questions about your financial situation and explains the law and process in detail before he or she recommends bankruptcy and specifically the type of bankruptcy that is right for your situation.
  • Beware of low-priced bankruptcy lawyers. Bankruptcy, when done correctly, requires a very careful analysis of a vast amount of detailed financial information. Therefore, it is very time consuming. A low-priced lawyer may be a sign your lawyer is going to cut corners on your case.
  • Ask for a written fee agreement and be sure there are no hidden charges. Also, be sure your lawyer is handling your entire case for the quoted fee not just preparing the petition then charging you extra for parts of the case that other lawyers include in their fee.
  • Your lawyer’s experience can make all of the difference. Be sure your lawyer has at least 5 years of experience primarily practicing bankruptcy law.

Todd Murphy is a foreclosure, collection defense, and bankruptcy lawyer with offices in Bedminster (near Somerville) NJ.