insurance on bankruptcy estate?

What is the name of your state?
Virginia
Is the chapter 7 trustee and or the US Trustee required to have insurance to cover fire loss of debtor's property and creditor's property on debtor's property?

[Ladynred]

Why would a Trustee have to carry insurance on YOUR property ?
I do believe the answer to your question is NO.. unless the Trustee has siezed the property in question.

My real property was sold at auction and the loss occured after the purchaser "bought" the property, however the case is not finished yet. It is an asset case. A creditor of mine had personal property which he was in the process of moving, however there was a tie up in court. My loss was my car. (value-$2000) The fire dept estimated 10,000 loss together.

[Ladynred]

I'd have to check, or one of the other Sr. members can 'check' me, but I believe once the property was purchased and the sale completed, you are no longer liable for any insurance, or loss - it would be up to the new owner to provide it.

thanks! If you could check to find out who is liable for the loss from arson, please let me know.

[djohnson]

I agree that once the sale is completed, you are no longer responsible to carry insurance on it, its no longer yours to worry about. Insurance would be up to the new owner of the property. But you mention arson so you may have more going on than originally thought. Is someone being charged with arson? Are you involved in it? How long after sale complete did this take place? Was it actually a sale or a repo?

no, I am not involved in the arson and no one was charged. The sale of my property was done as a bankruptcy auction sale. The time between the closing and the fire was less than a month aftger the closing. Who is responsible for the creditor's belongings on the property that were destroyed? The trustee, the debtor, the creditor or the new property owner?

[HomeGuru]

The deed must be transferred from the BK Trustee to the new owner. Once this is completed, then the new owner would be liable to insure his/her real property. The key here is the title transfer and recordation date.