Cost of Bankruptcy: Compelling Abandonment Of Property

Contributed by mm | October 3, 2006 12:43 AM PST

From Bankrate, which is running a revealing series about how much a bankruptcy will truly cost.

From Bankrate:

A debtor may compel abandonment of property, but it will cost $150.

Sommers says this can occur when "the court finds the property is not worth selling to the benefit of creditors and therefore the trustee should give up any right to do anything with it."

Most experts say it doesn't occur that often, but Sommers describes one situation where a debtor may decide to take action.

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