Sullivan v. Buckhorn Ranch Partnership

{1 Title 11 U.S.C.A. § 554 1 of the United States Bankruptey Code governs abandonment of bankruptcy estate property. It allows the court to order the trustee to abandon any estate property that is burdensome or of inconsequential value and benefit to the estate. 2 When an asset has been abandoned by the trustee, it is no longer part of the bankruptcy estate. It reverts to its pre-bankruptcy status as if no bankruptey petition had been filed, and it is removed from the jurisdiction of the bankruptcy court 3 The issues presented are: 1) whether the cause is time barred because property conveyed…