Chapter 7 “asset” cases may sound scary. They needn’t be. We walk you through a very straightforward example to demystify this.
Most Chapter 7 cases are “no-asset” ones. So, what’s an “asset case,” and is it good or bad for you?
Just because you own something that’s not exempt doesn’t always mean that the Chapter 7 trustee will take it. The trustee could abandon it.
Most individual consumer Chapter 7 cases are “no asset” ones. This means that the Chapter 7 trustee doesn’t liquidate any debtor assets.
What happens when your bankruptcy trustee thinks you undervalued an asset? How does the trustee determine what you own and its value?
If you have an “asset” Chapter 7 case, some or all of your debts are partially paid, with most or all of the remaining amounts written off.
If one of your creditors is not included in your “schedules” you risk continuing to owe that debt after your bankruptcy is finished.
Chapter 7, sometimes called “straight bankruptcy,” is the simplest type of bankruptcy, yet it can also handle not-so-simple debt problems.
Chapter 13 âadjustment of debtsâ has a special way of helping with your support obligation. How about Chapter 7?
Protect your business assets immediately with the “automatic stay” and permanently with property exemptions.
In bankruptcy you hear a lot about “the trustee.” What does this person do, in a “straight” Chapter 7 case, and in an “adjustment of debts” Chapter 13 one?