Wednesday, October 2, 2013

Property Revested in Chapter 11 Debtor Even Though Not Schedulede

Miami Personal Bankruptcy Lawyer Jordan E. Bublick has over 25 years of experience in filing Chapter 13 and Chapter 7 bankruptcy cases. His office is centrally located in Miami at 1221 Brickell Avenue, 9th Fl., Miami and may be reached at (305) 891-4055.

The Court in the case of James P. Driscoll, Inc., et al. v. Theodore B. Gould, 32 FLW D2467 (3rd DCA 2007) dealt with a  judgment that was not listed in chapter 11 schedules. The Defendant claimed that the post-confirmation debtor did not have standing as the judgment was not listed in the bankruptcy schedules.  Parker v. Wendy's Int'l, Inc. 365 F.3d 1268, (11th Cir. 2004). There is an independent avenue under which property may revest in the debtor at conclusion of a Chapter 11 proceeding, which is the express terms and conditions of the confirmed plan of reorganization. See In re Coastline Care, Inc., 299 B.R. 373, (Bankr. EDNC 2003). Here the plan released and revested the right to pursue the judgment to the debtor upon consummation and closure of the bankruptcy case. See In re Coastline Care, Inc. 299 B.R. at 377-78.