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If you have purchased your equitable interest in the property back from the trustee in bankruptcy, and he will no longer have any rights to your property whatsoever.
If there is an increase in value of the house, which means that there is some equity in it, then this will belong to you now, and the trustee in bankruptcy will have no claim over it whatsoever.
Therefore, you are entitled to sell the property and do as you wish with it.