[boomyal]

I am curious how a personal chapter 7 Bankruptcy Court would treat an asset that has value but is not marketable? Specifically, this asset is a percentage ownership in a partnership that owns one parcel of property. There are 5 partners in the Partnership with the voting power of one partner, one vote.

Any owner of the percentage in question would/does not have any sole power to direct the partnership. The Percentage has the ultimate value of its portion of the Property Parcel but neither a new owner, of that Percentage, nor the Bankruptcy Court could force a liquidation of the Property Parcel.

If the Court tried to liquidate the Percentage to satisfy creditors, no one in their right mind would pay par value for the Percentage OR even want to get locked in at all.

Might the Trustee ever appeal to the other Partners, to cash out the Percentage in question? And if so, would the Court have the savvy to know that not even an existing Partner would have any incentive to pay any where near par value for the Percentage?

----OR----

Might the Court just offer the Percentage to a creditor (forcing an unrelated partner into the Partnership)
And tell him he has to go with the flow and wait for the Partnership to exercise its will.

----OR----

Might the Court let the Defendant keep the Percentage as an exempt asset? The Defendant has listed this asset in the Exempt Asset category but I am sure that the Court will want to learn more about this asset and even possibly demand to see the Partnership Agreement to determine the scope of this asset. I'll also add that the Defendant has grossly under declared the value of the asset.