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.

An Asset Unprotected

Wasson and ThornhillAsset Protection

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