Posted by John Corey on May 31, 2006 at 13:34:41:
If the BK is open then the trustee controls the property if there is to be a sale. Any sale would need to be approved by the court (through the trustee) and the proceeds from the sale would go to the creditors. The trustee could choose to release the property from the BK if there is little real equity.
If the BK was already discharged or otherwise closed then you can deal with the property owner as if the BK is not there as it is not active. It impacts the owners ability to get a new loan but not the owners ability to buy or sell assets.