http://www.bankruptcylawnetwork.com/2007/03/30/what-can-i-keep-in-a-bankruptcy/ Real Lawyers, Real Solutions Tue, 10 Nov 2009 16:34:06 -0700 http://wordpress.org/?v=2.8.6 hourly 1 http://www.bankruptcylawnetwork.com/2007/03/30/what-can-i-keep-in-a-bankruptcy/comment-page-1/#comment-1291 After I file bankruptcy, can I keep my stuff? Part One at Bankruptcy Law Network - Real Lawyers, Real Solutions Sun, 08 Apr 2007 04:26:00 +0000 http://www.bankruptcylawnetwork.com/2007/03/30/what-can-i-keep-in-a-bankruptcy/#comment-1291 [...] A Chapter 7 is a liquidation; the Bankruptcy Court appoints a trustee whose job is to try to identify assets that can be sold to pay creditors, and liquidate those assets. Although a trustee does sometimes take property and sell it to pay creditors, there are many situations where the trustee either can’t sell it, because it is exempt, or won’t sell it, because it has only nominal value. (In fact, on a nationwide basis, the vast majority of Chapter 7 cases are “no asset” cases, in which the trustee finds no property to sell to pay creditors.) In addition to the trustee, a you will also have to determine how to deal with any lienholders. Your best option often depends on your individual situation. I will address the following possible options for keeping your property after bankruptcy: [...] [...] A Chapter 7 is a liquidation; the Bankruptcy Court appoints a trustee whose job is to try to identify assets that can be sold to pay creditors, and liquidate those assets. Although a trustee does sometimes take property and sell it to pay creditors, there are many situations where the trustee either can’t sell it, because it is exempt, or won’t sell it, because it has only nominal value. (In fact, on a nationwide basis, the vast majority of Chapter 7 cases are “no asset” cases, in which the trustee finds no property to sell to pay creditors.) In addition to the trustee, a you will also have to determine how to deal with any lienholders. Your best option often depends on your individual situation. I will address the following possible options for keeping your property after bankruptcy: [...]

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