' Chapter 7 Bankruptcy Exempt Assets - FL Law - Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Happens to the Property I Lose in My Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy Exempt Assets

When you file for Chapter 7 bankruptcy everything you own becomes part of the bankruptcy estate. The only property not included in the estate is exempt property. This varies from case to case but usually includes things the court allows you to keep to make a fresh start.

Liquidated Assets

The assets in the estate that are not exempt are liquidated, which means they are sold and the proceeds are used to pay back the debts you owe. In some cases, assets in the estate are not sold because their value is less than the effort it would take to sell them or it costs a great deal to maintain them and the trustee cannot sell the item soon enough to make a profit. There are also instances in which something has a great deal of value to the debtor, but selling it will get little, if any profit.

What happens to all of these items that are not exempted, but not worth the time and effort of the trustee to sell?

The trustee abandons the items. He or she files notice with the bankruptcy court about the intention to abandon the property and then the property reverts back to the debtor. This means the property is once again yours to keep.

It also means that if something is particularly valuable to you, but has limited or unusual financial value, and you have postponed filing for bankruptcy because you were afraid to lose the item, you can move forward with your bankruptcy without fear. Just make sure you let your bankruptcy attorney know about the item and explain the situation. Failing to include the item when you file can get you into a lot of trouble. Not only could your bankruptcy request be denied, you could face perjury charges for reporting your information incorrectly.

Working with an Experienced Bankruptcy Attorney

Filing for bankruptcy can be a scary experience, especially when you think you are going to lose everything. Chances are bankruptcy will disrupt your current situation. Depending on the type of bankruptcy for which you qualify, you will lose the majority of your assets.

This is why it is so important to work with an experienced bankruptcy attorney. He or she will explain your option and can provide you with information to help you make the best decision. Sometimes bankruptcy restructures your debt and does not require you to give up valuable belongings, including your home or vehicle.

For many, the loss of certain assets and temporary financial freedom is worth getting their life back on track. The short-term burden is worth the long-term results.

Contact a Tampa Bay Bankruptcy Attorney

Would you like to know more about bankruptcy? Are you concerned about filing for bankruptcy because of the property you stand to lose? We can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your situation and to learn how bankruptcy can help you.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You File Bankruptcy with Equity in Your Home?

For many individuals facing financial hardship, their home represents their most significant asset. However, when struggling with overwhelming debt, the...
Read More

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions