What is the name of your state? CO
I placed a judgment lien against an ex-partners house, after being awarded a judgment in District Court. He then filed bankruptcy, but the trustee never ruled on distribution of his possible excess home equity (45k allowed in CO). The trustee seems to be taking a passive role, maybe since the market appraisals were too varied. I know I can't take money even if he offered for releasing this lien, since it is in the banruptcy courts control. The trustee doesn't return calls it seems, and I wonder if she doesn't have more obligation here to act, or does it take a motion?
2 years later now, he wants to sell the house, and has asked me to sign a Satisfaction of Judgment to clear the title, saying that the trustee will maybe act once the place is sold. I explained that 1) I should not interfere with the trustee or bankruptcy court, and 2) Even though his personal liability for the judgment has been discharged, the trustee could still order a distribution - and in fact this happened with another partner - he was ordered to pay the creditors, of which I rec'd a share. I don't wish to waive this possibility, and wonder if I would if I signed this Satisfaction (release) of Judgment? Is the trustee being remiss by not ruling on this, or by not returning either of our (or our attorneys) phone calls? It's been 2 yrs, and I was always waiting for the trustee decision, which never came.
I also wondered if simply recording a Quit-Claim on the property would be enough to allow him to sell the house, without jeopardizing my interests? I think the trustee is maybe waiting for a sale to determine the real value, but I don't want to do anything that might cause me to miss out, should she rule for a distrib. Should I do nothing, forcing him to file a motion to have me release the lien, or am I overly concerned, and should just sign this?
I placed a judgment lien against an ex-partners house, after being awarded a judgment in District Court. He then filed bankruptcy, but the trustee never ruled on distribution of his possible excess home equity (45k allowed in CO). The trustee seems to be taking a passive role, maybe since the market appraisals were too varied. I know I can't take money even if he offered for releasing this lien, since it is in the banruptcy courts control. The trustee doesn't return calls it seems, and I wonder if she doesn't have more obligation here to act, or does it take a motion?
2 years later now, he wants to sell the house, and has asked me to sign a Satisfaction of Judgment to clear the title, saying that the trustee will maybe act once the place is sold. I explained that 1) I should not interfere with the trustee or bankruptcy court, and 2) Even though his personal liability for the judgment has been discharged, the trustee could still order a distribution - and in fact this happened with another partner - he was ordered to pay the creditors, of which I rec'd a share. I don't wish to waive this possibility, and wonder if I would if I signed this Satisfaction (release) of Judgment? Is the trustee being remiss by not ruling on this, or by not returning either of our (or our attorneys) phone calls? It's been 2 yrs, and I was always waiting for the trustee decision, which never came.
I also wondered if simply recording a Quit-Claim on the property would be enough to allow him to sell the house, without jeopardizing my interests? I think the trustee is maybe waiting for a sale to determine the real value, but I don't want to do anything that might cause me to miss out, should she rule for a distrib. Should I do nothing, forcing him to file a motion to have me release the lien, or am I overly concerned, and should just sign this?