Understanding the distinctions between different types of assets – exempt and non-exempt – and their fate post-bankruptcy filing is a critical aspect of this legal process. This understanding ...

A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means ...

Businesses and individuals can use Chapter 7 bankruptcy to get out of debt by eliminating most unsecured debts and selling non-exempt assets to repay creditors, explains Wayne Mortenson ...

Chapter 7 is a straight bankruptcy, or liquidation. The court appoints a trustee who sells off all non-exempt assets to repay creditors to the fullest extent possible. Debts that can't be repaid ...

Most debtors are aware that, when they file for bankruptcy protection, any non-exempt assets that they have are likely at risk of being taken and used to satisfy creditors. The issue of exempt ...

Chapter 7 bankruptcy, which is the most common type for individuals, can wipe out many unsecured debts quickly but may involve the liquidation of non-exempt assets. Chapter 13, on the other hand ...