Michael and Mary Colarusso filed Chapter 7 bankruptcy. Among their assets was a realty parcel worth more than $700,000. During the proceedings, the bankruptcy trustee listed the property for public sale. There was considerable interest from at least four bidders. Purchase Bob Bruss reports online. The bankruptcy trustee suggested the bankruptcy court hold a sealed-bid auction. The motion said the property would be offered for sale "free and clear of all liens, claims and encumbrances." Among the bidders was neighbor Mary Ragosa. But a higher bid was received by the bankruptcy court from Joan and Robert Canzano, also neighbors. The judge accepted the highest bid and directed the bankruptcy trustee to transfer the property to the Canzanos. Because Ragosa was the second-highest bidder, the sale order said if the Canzanos failed to complete the purchase, the trustee is authorized to sell to Ragosa. However, shortly after the sale, Ragosa filed a state court adverse possession claim...
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