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When filing Chapter 7, you must disclose all assets, but it doesn’t mean you can’t keep some.
The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. [2]
Such willful defaults (the equivalent of strategic bankruptcy by a company or strategic default by a mortgager, except without the possibility of the exercise of normal creditors' rights such as asset seizure and sale) can be considered a variety of sovereign theft; this is similar to expropriation (including inadequate repayment for the ...
In individual cases the bankruptcy estate is dealt by an official receiver, appointed by the court. In some cases the file is transferred to RTLU (OR Regional Trustee Liquidator Unit) that will assess your assets and income to see if you can contribute towards paying costs of bankruptcy or even discharge part of your debts.
Protection of assets: In Chapter 13 bankruptcy, individuals can keep their property while creating a manageable repayment plan. Some states also allow exemptions in Chapter 7, protecting specific ...
Filing for bankruptcy is challenging, but sometimes it's the best way to get you back on firm financial footing. If you're considering bankruptcy, you may be wondering if you will have to forfeit ...
In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if a debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it to benefit the (formerly discharged) creditors.
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