What is involved in a buy-back from the Chapter 7 trustee?
In some of the cases involving assets, the trustee will hire an appraiser to appraise the debtor’s assets. A copy of the appraisal will be provided to the debtor and the debtor’s counsel. Negotiations will follow concerning whether the value of the assets have exceeded the exemptions allowed by state and federal law. Depending on which trustee is assigned to your case, the approach on the buy-back may differ somewhat. Other differences may involve the length of time for the buy-back to be paid and how the buy-back amount is calculated. Your attorney will negotiate the buy-back for you.