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Abandoned Property
What should I do about abandoned property in my warehouse?

What should I do about abandoned property in my warehouse?

Full question:

I have a commercial warehouse that has 2 vans and tools in it. After repeated concerns to clean out this the building I'm met with 'the bankruptcy person has it', but I'm not given any names or numbers to contact them. It's been 10 months with no activity or correspondence at all. I need to have a huge garage sale or something to show the building to prospective buyers. What to do?

Category: Abandoned Property
Date: 04/07/2025
State: Florida

Answer:

The resolution depends on whether the property belongs to a former tenant or another individual. Generally, as the property owner, you must notify the person who left the property that it will be sold if not reclaimed within a specified time. In Florida, this notice must be sent to the last known address of the owner via first-class mail or delivered personally. If you believe the notice won't reach them, you should send it to any other address you know where they might receive it.

If the tenant has filed for bankruptcy, consider contacting the clerk of the bankruptcy court where the case was filed for assistance. You can also search online for the individual using resources like .

In Florida, landlords must exercise reasonable care when storing abandoned property. If a tenant's property remains after the tenancy has ended, you must give written notice to the tenant and anyone else you believe owns the property. This notice should describe the property and inform the owner of any storage costs that may apply. It must also state where the property can be claimed and the deadline for doing so, which cannot be less than 10 days after personal delivery or 15 days after mailing (Fla. Stat. § 715.104).

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What assets can you lose in Chapter 7?

In Chapter 7 bankruptcy, non-exempt assets may be sold to pay creditors. Commonly lost assets include luxury items, second homes, and certain vehicles. However, many personal items, such as household goods, retirement accounts, and a primary residence, may be protected under state exemptions. It's essential to understand which assets are exempt in your state to assess potential losses accurately.

What are exempt assets in Chapter 7?

Exempt assets in Chapter 7 bankruptcy are those that you can keep despite filing. These often include your primary home, personal belongings, retirement accounts, and a vehicle up to a certain value. Each state has its own exemption laws, so it’s crucial to check Florida's specific exemptions to determine what you can retain during bankruptcy.

What happens when a business files for bankruptcy?

When a business files for bankruptcy, it seeks protection from creditors while reorganizing its debts or liquidating assets. The process varies based on the type of bankruptcy filed, such as Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations and assets are sold to pay creditors. In Chapter 11, the business may continue operating while restructuring its debts.

What cannot be wiped out by bankruptcies?

Certain debts cannot be discharged in bankruptcy, including child support, alimony, certain tax debts, and student loans. Additionally, debts incurred through fraud or willful misconduct are typically not dischargeable. Understanding these exceptions is crucial when considering bankruptcy as a solution for financial difficulties.

What disqualifies you from filing bankruptcies?

Several factors can disqualify you from filing for bankruptcy, including having filed for bankruptcy in the past eight years or failing to complete a required credit counseling course. Additionally, if you have committed fraud or concealed assets in previous filings, you may be barred from filing again. It's important to consult with a legal professional for guidance specific to your situation.

How many years after discharge may the trustee reopen a case?

A bankruptcy trustee may reopen a case within one year of the discharge if new evidence arises that suggests fraud or if there are unreported assets. This allows creditors to seek further recovery if they believe the bankruptcy was not conducted properly. Always consult with a legal expert for specifics related to your situation.