Types of Assets You Can Keep After Filing Bankruptcy. In the realm of bankruptcy, assets are divided into two categories—exempt and non-exempt. The differentiation between these categories has ...

In 2017, the plaintiffs leased commercial property in Canoga Park, California, on a five-year term to Dancool HVA Supply, and the latter's President, Nick Sarkissian, executed a personal guarantee ...

Chapter 7 bankruptcy involves liquidation or the sale of a debtor's non-exempt assets to pay off creditors. This type of bankruptcy is typically reserved for individuals with low income and few ...

Chapter 7 allows you to discharge your debts by selling non-exempt assets, whereas Chapter 13 discharges debts by creating a repayment plan and paying the debts off over three to five years.

Chapter 7 bankruptcy involves liquidating a debtor's non-essential assets to repay creditors. Chapters 11 and 13 are more expensive and longer than Chapter 7, but you can keep your assets.

You have significant non-exempt assets. If you own valuable property that's not protected by exemption laws in your state, Chapter 7 bankruptcy could result in forced liquidation.

If you are not already taking required minimum distributions (RMDs), your IRA could be considered a non-exempt asset. You can learn more about how to protect your personal assets by speaking with ...

Additionally, you may be required to surrender some non-exempt assets to be sold for creditor repayment. Chapter 11: Reorganization for Businesses and Individuals with High Assets.