trustee abandonment

What is the name of your state? Ohio The trustee in my bankruptcy sent me a notice that there is a proposed abandonment of my property. What does that mean? Will I have to abandon my house?

[JETX]

What that means is that it appears that your property, in which the estate of the bankrupt has an interest, is either encumbered by liens in excess of its fair market value or is of such small value that the likely sale price would not be sufficient to defray the expense of appraisal and sale, or is otherwise of no economic value to creditors.

[Ladynred]

.. and in plain terms - they Trustee is telling you, and your creditors, that you have nothing to take and sell and he is "abandoning" it. This is a good thing !

[JETX]

Only partly correct.
The trustee is notifying your creditors of his decision to abandon the property and giving the creditors a specific amount of time to challenge that process. Then, IF THE COURT SO ORDERS, the property can be waived from the estate.
That does NOT mean that you are free of it.

[AttorneyOney]

Abandonment means that the trustee no longer claims the property for the estate. That means it's yours as soon as the court allows the motion. If there are liens that can be avoided, it's now your responsibility to file a motion under B.R. 4003(d) to make that happen. If the asset being abandoned is a cause of action (such as a Truth in Lending claim), it's now your responsibility to commence an adversary proceeding or other lawsuit to pursue it.

Creditors may object if they think the property actually has value that will help pay their claims. This is very unlikely to happen, because the trustee will assuredly not abandon property that truly does have some non-exmpt value.