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?
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.
“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.
5 Things to Know to Protect Your Property through Exemptions
Most of the time you get to keep everything you own when you file bankruptcy. It's all covered by property exemptions. But not always.
Using the Right Set of Property Exemptions
Usually you use the property exemptions available for the residents of your state. But not if you haven't lived there long enough.
The Chapter 7 Trustee Looking into an Asset
What happens when something you own is not or may not be exempt (protected)? What does the trustee do about this and what is the end result?
The Trustee in a Consumer Chapter 7 Case
Besides your creditors, the main person you need to be careful about in a "straight bankruptcy" Chapter 7 case is the trustee. Who's that?
Fraudulent Transfers with Actual Intent to Defraud
Selling or giving away something to prevent your creditors from getting it may make a certain amount of sense but could be very dangerous.
Introducing Fraudulent Transfers
"Fraudulent transfers" have similarities to "preferences." They are both worth understanding because they can cause unnecessary hassles.
Upcoming Property from a Divorce
One special category of future assets in bankruptcy is property from a divorce--either from a property settlement agreement or court decree.
Rents and Profits as Bankruptcy Assets
Beyond considering whether your assets have net value on the date of filing, do they generate rents, profits, or proceeds afterwards?
Recovered Assets from “Fraudulent Transfers”
Which assets that you sell or give away before filing bankruptcy will be a problem, and which won't?
Assets Recently Sold or Given Away
Your assets can include property and possessions that you have sold or given away before filing bankruptcy.
Shared Assets
Property and possessions that you have a shared interest in can be the kind you don't think of as yours for bankruptcy purposes.
“Pre-Petition” and “Post-Petition” Assets in Chapter 7
Pre-petition assets are "property of the bankruptcy estate," part of your Chapter 7 case. Post-petition assets are not.
