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 ...

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 ...

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 ...

Unrelated business income (UBI) is generally triggered when exempt organizations derive income from business activities that ...

An exempt asset is untouchable by creditors, right? Normally, yes. But sometimes, no. A recent Opinion from the First Circuit in Malley v. Agin, ___ F.3d ____, 2012 WL 3326629 (1st Cir., Aug. 15 ...

Chapter 7 involves selling the debtor's non-exempt assets to pay off creditors. Chapter 13 bankruptcy, often called reorganization bankruptcy, ...

Asset protection In Chapter 7 bankruptcy, non-exempt assets may be liquidated to pay creditors. Debt settlement allows you to keep your assets but may require paying a portion of the debt you owe.

However, the organization must sell its assets in accordance with IRS non-exempt rules. In other words, top management should ensure that asset sales -- in fact or in appearance -- don't feed ...

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.

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.