QUESTION
What assets can creditors go after when filing for personal bankruptcy?
Asked on Apr 09th, 2013 on Bankruptcy - Michigan
8 ANSWERS
Non exempt assets depending on the available exemptions.
Answered on Apr 30th, 2013 at 12:42 AM
See 11 U.S.C. 522, the federal "exemption" statute. Most of the time, Debtors are able to exempt all owned property when a bankruptcy is filed and nothing is lost to the Chapter 7 Trustee.
Answered on Apr 10th, 2013 at 1:14 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Apr 10th, 2013 at 1:06 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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In most cases, nothing will be "gone after." We refer to this as liquidated. The exemption statutes prevent a trustee from taking most things that you may own. You would need schedule a free consultation in order to go over those items more in depth.
Answered on Apr 10th, 2013 at 12:28 AM
Bankruptcy Law Business Attorney serving Asheville, NC
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Pitts, Hay & Hugenschmidt, PA
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The North Carolina state homestead exemption specifies what property you are able to keep free from sale by the chapter 7 bankruptcy trustee.
Answered on Apr 09th, 2013 at 2:08 PM
Deborah F. Bowinski
The laws of the state in which you live will govern what exemptions you are permitted to claim. The exemptions are what determine which assets can be protected from your creditors. You can find the information in the statutes or you can retain counsel to represent you and to properly protect as much of what you own as is possible.
Answered on Apr 09th, 2013 at 2:08 PM
Bankruptcy Attorney serving Los Angeles, CA
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Law Offices of Raymond H. Aver, A Professional Corporation
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Creditors are only entitled to a pro rata share following the liquidation of a debtor's non exempt assets. In an individual's bankruptcy case, there are two types of assets: exempt and non exempt assets. Exempt assets are those that are protected by a statutory exemption. California has opted out of the federal exemption system, so the assets of an individual debtor are exempt under California law. For example, a homeowner, who lives in the residence as of the date of the bankruptcy filing, would be entitled to a homestead exemption.
Answered on Apr 09th, 2013 at 2:08 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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None - But the Trustee can pursue unexempt assets.
Answered on Apr 09th, 2013 at 2:07 PM