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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 ...
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.
Property of the estate is protected (with certain exceptions) by the automatic stay under section 362; it may generally be sold, used, or leased under section 363, and, if unencumbered or non ...
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.
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.
Other assets, however, are considered non-exempt, and these assets are the ones that are most at risk in the context of a bankruptcy filing. As one small example, let’s say a debtor has a small ...
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.
Asset retention: Chapter 13 allows you to keep certain non-exempt assets as long as you make regular payments according to the repayment plan. Automatic stay on collections: ...
However, for non-exempt assets, a court-appointed trustee will oversee the sale of these items, and the proceeds will be used to repay creditors. Chapter 13 Bankruptcy.