Priority Debts in an Asset Chapter 7 Case
Your Chapter 7 trustee may pay your priority debts--in full or in par--through the proceeds of the sale of your unprotected, not exempt assets.
A Creditor’s Challenge to the Automatic Stay to Pursue a Lawsuit
A creditor may ask the bankruptcy court to let another court finish a lawsuit about liability and/or the amount of damages.
Timing: Avoiding Very Troublesome “Preference” Payments
Sometimes in bankruptcy doing the honestly right thing can cause you major problems. Making preference payments is a good example of this.
Example of a Simple Chapter 7 “Asset Case”
Chapter 7 "asset" cases may sound scary. They needn't be. We walk you through a very straightforward example to demystify this.
A Chapter 7 “Asset Case”
Most Chapter 7 cases are "no-asset" ones. So, what's an "asset case," and is it good or bad for you?
Chapter 7 Trustee’s Abandonment of Property
Just because you own something that's not exempt doesn't always mean that the Chapter 7 trustee will take it. The trustee could abandon it.
A “No Asset” Chapter 7 Case
Most individual consumer Chapter 7 cases are "no asset" ones. This means that the Chapter 7 trustee doesn't liquidate any debtor assets.
Proceeds, Rents, or Profits as “Property of the Estate”
Assets acquired after filing under Chapter 7, such as wages, can's be reached by the trustee. But watch out for proceeds, rents and profits.
“Property of the Estate” and Marital Property Division
The 180-day rule also applies to marital property division, whether by agreement or court decree.
“Property of the Estate” May Include Life Insurance Proceeds
The 180-day rule applies to life insurance proceeds in a Chapter 7 case. But life insurance proceeds are often exempt, or protected.
“Property of the Estate” Includes an Inheritance
If you are expecting an inheritance, or even if you are not, the special rules about them are worth your attention to prevent bad surprises.
“Property of the Estate” Excludes Powers You Exercise for Another’s Benefit
If you have a power of attorney over someone's assets, or any similar power, those assets are not affected by your bankruptcy case.
“Property of the Estate” in Chapter 7 Bankruptcy
To find out if you can keep everything you own in a Chapter 7 case, the first step is finding out what's in your bankruptcy estate.
The U. S. Trustee–Administrator and Enforcer
You hear in bankruptcy about the "trustee," and maybe about the "U.S. Trustee." They're clearly easy to confuse. Who's the U.S. Trustee?
5 More Things to Know to Protect Your Property through Exemptions
There's a lot more to using property exemptions than just matching them to your assets. There are benefits worth taking advantage of.