Priority Debts in an Asset Case

Wasson and ThornhillChapter 7

If you have a Chapter 7 asset case, your bankruptcy trustee collects and sells your asset and pays your priority debt with the proceeds.   Our last blog post was about what happens to priority debts in a no-asset Chapter 7 case. Most consumer “straight bankruptcy” Chapter 7 cases are no-asset ones. This means that the bankruptcy trustee does not … Read More

A Simple Chapter 7 Asset Case

Wasson and ThornhillChapter 7

Chapter 7 “asset” cases may sound scary. They needn’t be. We walk you through a very straightforward example to demystify this.

An Asset Chapter 7 Case

Wasson and ThornhillChapter 7

Most Chapter 7 cases are “no-asset” ones. So, what’s an “asset case,” and is it good or bad for you?

Your No-Asset Chapter 7 Case

Wasson and ThornhillChapter 7

Most individual consumer Chapter 7 cases are “no asset” ones. This means that the Chapter 7 trustee doesn’t liquidate any debtor assets.