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.
Just because you own something that isn’t exempt does not necessarily mean that your Chapter 7 trustee will liquidate it. Maybe not.
There’s a lot more to using property exemptions than just matching them to your assets. There are benefits worth taking advantage of.
Usually you use the property exemptions available for the residents of your state. But not if you haven’t lived there long enough.
What happens when your bankruptcy trustee thinks you undervalued an asset? How does the trustee determine what you own and its value?
Usually everything you own is exempt (protected). But what happens if you own an asset that is not exempt? What does the trustee do? Chapter 7 is the “liquidation” form of bankruptcy. But in our last blog post we introduced the bankruptcy trustee as an only sometimes liquidator. That’s because in most Chapter 7 cases nothing gets liquidated. Nothing … Read More
Inheritances and life insurance proceeds have a special rule when it comes to the timing of your bankruptcy filing.
In most Chapter 7 cases, there is not much practical effect to what creditors put on their proofs of claim.
Whether you can keep other real estate depends first on whether it’s “exempt.”
Chapter 7 “straight bankruptcy” is quick, usually quite straightforward, and appropriate for more situations than you might think.
Most people can file Chapter 7 and not lose anything because everything they own is “exempt.” But what if something of yours isn’t?
Chapter 13 âadjustment of debtsâ has a special way of helping with your support obligation. How about Chapter 7?
Financial wisdom says you should set aside money for 3-to-6 months of living expenses. You can do this even before filing bankruptcy.
One strategy to prevent the loss of asset value in bankruptcy is through very cautious conversion of unprotected assets into protected ones.
Chapter 13 can be the best way to protect assets. All the more so if you are led there for other reasons, especially for “priority” debts.
- Page 1 of 2