What Kind Of Assets Are Sold When Someone Files A Chapter 7 Bankruptcy?
I know that the trustee has to sell whatever assets you have, to partially pay back the creditors, but what ARE those assets? Like Furniture? Dishes?
Please dont tell me how bankruptcy can ruin credit, etc. I know it already, and after all of this hell with the credit card companies and the mortgage company, who the hell in their right mind would want to deal with credit ever again? Just, if you have the answer, then great, please answer. If not, then keep your opinion to yourself and move on. Thanks.
I dont even have the money to buy food or toilet paper, let alone a boat. If they are only looking at major purchases, then they are going to be in for a shock.
Posted October 3rd, 2009 in File Bankruptcy Yourself. Tagged: assets, bankruptcy, credit card companies, creditors, dishes, furniture, hell, money, mortgage company, shock, toilet paper, trustee.
Assets that are worth money. They can’t get enough for furniture and dishes to be worth anything unless they are valuable antiques and aren’t going to want your clothing or linens either. All of your miscellaneous stuff is safe. If they saw you just paid thousands of dollars for something they might sell it or consider it fraud so not allow your chapter 7.
They might take a car if you have a loan on it or it is worth more than a couple of thousand and will take the house, investments except retirement accounts and won’t take the kids 529 accounts.
Make sure any spending you do before the bankruptcy is for things the court would consider necessities so go ahead and fill your pantry and tune up your car but don’t buy a new boat then expect to get to keep it.
October 3rd, 2009 at 3:02 amPlease follow the links
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html
http://www.wiesnethlaw.com/bankruptcy/chapter-7-bankruptcy
October 3rd, 2009 at 3:02 am