By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN)
One of the issues raised at the public hearings of the Commission concerned Chapter 7 trustees that would not take prompt action to abandon exempt or partially exempt assets but, would retain assets in the hope that there might be equity in the future to sell the asset for the full lien amount and exemption. The trustee, by looking for an opportunity to realize some benefit for the estate, was delaying the debtor’s ability to use the asset as part of the fresh start.
The Supreme . . .
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