New Bankruptcy Opinion: IN RE COWLEY – Bankr. Court, D. Utah, 2013





In re: KENDRICK D COWLEY LORENA S COWLEY SSN: XXX-XX-5453 SSN: XXX-XX-0787 Debtor(s).

Bankruptcy No. 12-22663 WTT.

United States Bankruptcy Court, D. Utah.

February 20, 2013.

Elizabeth R. Loveridge (6025), WOODBURY & KESLER, P.C., Salt Lake City, UT, Attorney for Chapter 7 Trustee.

ORDER GRANTING TRUSTEE’S MOTION TO APPROVE SALE OF PERSONAL PROPERTY TO DEBTORS SUBJECT TO ALL LIENS AND INTERESTS

Based upon the Chapter 7 Trustee’s Motion to Approve Sale of Personal Property to Debtors Subject to All Liens and Interests filed on January 28, 2013, the Notice of Motion to Approve Sale of Personal Property to Debtors Subject to All Liens and Interests and Notice of Opportunity for Hearing filed on the same date, and the Trustee’s Request for Entry of Order filed on February 20, 2013, and being fully advised on the facts and the law, and good cause appearing, the Court

HEREBY ORDERS:

1. That the Chapter 7 Trustee’s Motion to Approve Sale of Personal Property to Debtors Subject to All Liens and Interests, be, and is, granted, upon the terms set forth in the Trustee’s Motion annexed hereto as Exhibit “1″ and incorporated herein by this reference as if fully set forth herein by this Order.

EXHIBIT “1″

Elizabeth Rose Loveridge #6025 WOODBURY & KESLER, P.C. 265 East 100 South, Suite 300 P. O. Box 3358 Salt Lake City, Utah XXXXX-XXXX Telephone: (801) 364-1100

Attorney for Chapter 7 Trustee

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF UTAH, CENTRAL DIVISION

In re:

KENDRICK D COWLEY Bankruptcy No. 12-22663 WTT
LORENA S COWLEY
SSN: XXX-XX-5453
SSN: XXX-XX-0787

Debtor(s).

MOTION TO APPROVE SALE OF PERSONAL PROPERTY TO DEBTORS SUBJECT TO ALL LIENS AND INTERESTS

Elizabeth R. Loveridge, Chapter 7 Trustee, moves this Court for an order approving the Motion to Approve Sale of Personal Property to Debtors Subject to All Liens and Interests Pursuant to 11 U.S.C. §363 based upon the following:

1 Kendrick D Cowley and Lorena S Cowley (“Debtors”) filed his bankruptcy case on March 7, 2012.

2. Assets of this bankruptcy estate include the following listed personal property (“Property”) which is held by the Debtors:

1 1982 BARON SX BOAT 400.00

2 2003 SUBURBAN LT 7,000.00

4 REMINGTON FIELDMASTER MODEL 572 175.00

5 INTERARMS MODEL MARK X BOLT
ACTION #B64715 200.00

6 SPRINGFIELD SAVAGE ARMS MODEL 39A 50.00

3. Based upon her investigation, the Trustee thinks the value of the Property is approximately $7,825.00.

4. There are no liens on the Property; however, the Debtors are entitled to a $5,000.00 car exemption

5. The Debtors have offered to purchase the Property from the bankruptcy estate for $2,401.25 as is, where is, without warranty. This price represents the appraised value of $7,825.00, less the car exemption and less estimated auctioneer’s fees and costs. The Trustee has accepted this offer, subject to higher and better offers.

6. The Debtors have already paid the $2,401.25 to the Trustee and the Trustee is holding said funds in the estate’s trust account pending court approval.

7. It is the Trustee’s business judgment that acceptance of this offer is in the best interest of the bankruptcy estate because the offer eliminates the need to market the property and reduces the market risk of selling the Property.

WHEREFORE, the Trustee requests that the Court approve the sale of the Property to the Debtors based upon the terms and conditions contained in this motion.

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