In most cases nothing is liquidated. You are allowed exemptions to have a fresh start. If your assets fit within the exemptions you will be able to keep them after the banruptcy.

Answer Applies to: Colorado
Replied: 11/16/2011

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Not everything. 1k in any personal property, 1k in cae value, and an additional 4k in anything (if you're not claiming homestead exemption) will be given to you as exemption.

Answer Applies to: Florida
Replied: 11/2/2011

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You get to exempt certain assets as part of a Chapter 7 bankruptcy. The exempt assets will not be liquidated and are safe from creditors or being taken as part of your bankruptcy. You should consult with a bankruptcy attorney regarding what of your assets are exempt prior to deciding whether to file.

Answer Applies to: Wisconsin
Replied: 11/2/2011

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The chapter 7 exemptions are very liberal in California and most people do not lose any property as a result of filing. You must value your property and fit them into the applicable exemptions. I would speak to an attorney before you file anything as he/she could determine if there is a problem with to many assets prior to filing.

Answer Applies to: California
Replied: 11/2/2011

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No. In fact, the vast majority of ch. 7 cases are what we call "no asset" cases. This is because all of the assets are exempted from the trustee being able to liquidate them. You should schedule a consultation so that specific items can be discussed.

Answer Applies to: Virginia
Replied: 11/2/2011

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Generally speaking, No. Very few debtors lose assets in bankruptcy. Check with a knowledgeable attorney. He or she will need to know what you own and what, if any, equity you have.

Answer Applies to: California
Replied: 11/2/2011

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The chapter 7 trustee only liquidates non-exempt property.

Answer Applies to: Georgia
Replied: 11/2/2011

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Only those UNEXEMPT assets. Only those UNEXEMPT assets depending on what you have will depend on what you can exempt.

Answer Applies to: South Carolina
Replied: 11/2/2011

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Most people who file bankruptcy avoid liquidation by claiming everything they own as "exempt" but again, that depends on what you own and the exemptions available to you when and where you file.

Answer Applies to: Indiana
Replied: 11/2/2011

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You do not have to worry about all your assets being liquidated, especially in a Chapter 7 filing, because each state has bankruptcy exemption laws: laws that allow you to exempt money and assets up to a certain value. You can find the full list of exemptions at this site: Q&A Bankruptcy Exemptions. Even if you have property that is above the amount listed in the exemptions, if the value is not substantially larger than the exemption, then the time and cost for the Bankruptcy Trustee to seize the property and sell it may not be worth the value of the asset sold.

Answer Applies to: New York
Replied: 11/2/2011

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No, I would guess that much of your assets are exempt from liquidation but you should see a local attorney and discuss your assets to see if any of them are not exempt and able to be seized by the trustee.

Answer Applies to: New York
Replied: 11/2/2011

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Your assets may be liquidated if they are not exempt. You need to fully understand exemption law (or preferably your attorney should) and how your personal assets will be treated under both the Massachusetts and the Federal exemptions before filing for bankruptcy.

Answer Applies to: Massachusetts
Replied: 11/2/2011

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You will be able to exempt (i.e., exclude from liquidation) certain items example, equity in your home, car, household goods, jewelry, etc up to a certain amount. Refer to Official Code of Georgia Section 44-13-100 for the Georgia exemptions for each type of property.

Answer Applies to: Georgia
Replied: 11/1/2011

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When you file a Chapter 7, a "Bankruptcy Estate" is created and included in the estate is everything you own. The Chapter 7 Trustee's job is to recover as much money as possible for the benefit of your creditors. In reviewing your case, the Trustee will look at all of your assets and determine if he/she can sell any of the assets. You can Exempt certain assets in your case from the Bankruptcy Estate. In Ga, you can exempt $10,000.00 in equity in your home. An example of this is as follows: Let's say you have a home worth 150K and owe 145K on the mortgage. 150-145= 5 thousand in equity. In this example, your home would be exempt. You are also allowed to exempt certain personal property such as household items, some equity in a car, Pension Plans and 401Ks, among other things. Talk to a Bankruptcy Attorney and make sure to discuss all of your Real and Person Property. Most, if not all may be exempt from the Bankruptcy.

Answer Applies to: Georgia
Replied: 11/1/2011

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No. Only non-exempt assets worth enough to interest the trustee will be liquidated. You have to choose a set of exemptions based on your specific assets and this exercise is best performed by a knowledgeable bankruptcy attorney.

Answer Applies to: California
Replied: 11/1/2011

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In chapter 7 bankruptcy only non-exempt asssets may be liquidated.

Answer Applies to: Colorado
Replied: 11/1/2011

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No, you have the right to keep a certain amount of property. There are exemptions available for property such as bank accounts, cars, cash, jewelry, clothing and other personal effects, furniture, all retirement accounts, etc. If your bank account, cash and value of vehicles is less than $25,000 then you should not have any problems keeping it all. If you own a house and have equity then there are other types of exemptions to protect your equity up to a certain amount depending on whether you are single or married, or over 65 or disabled or over 55 and make very little money annually. You really need to have a consultation with an attorney to discuss what you have so that you can find out if you can keep it all. If you have too much property then there are legal ways to protect property so that you can keep it.

Answer Applies to: California
Replied: 11/1/2011

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California gives you a certain amount to protect your belongings with. For most people, this is sufficient to protect their assets.

Answer Applies to: California
Replied: 11/1/2011

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No, most of the time, no assets are liquidated. Typically, you keep your car, household items, clothing, jewelry, etc. There are some things that can be liquidated, but it depends on the item's value and whether debt is owed against it. The best thing to do is to hire a bankruptcy attorney so you know that your important assets will be protected.

Answer Applies to: Colorado
Replied: 11/1/2011

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Only nonexempt assets are liquidated.

Answer Applies to: Michigan
Replied: 11/1/2011

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You can protect some or all of your assets with exemptions. What exemptions you can take and how much is available depends upon which state you live in.

Answer Applies to: California
Replied: 11/1/2011

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Technically, chapter 7 is a liquidation proceeding. This means that non-exempt assets are sold by the trustee for the benefit of creditors. In most cases all assets are exempt. Consult with an attorney in this regard.

Answer Applies to: California
Replied: 11/1/2011

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Since we don't know what you have there is no way to give a complete answer. However, a good attorney will likely know how to maximize exemptions, so you keep much or all of your property. Be sure to use a good lawyer.

Answer Applies to: Georgia
Replied: 11/1/2011

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Here in California we use exemptions to prevent the trustee from taking your assets. These legal protections must be listed on your bankruptcy papers and schedules. If done correctly, you'll get to keep your stuff and eliminate your legal obligation to pay your debts. Bankruptcy law has changed significantly and it's best to at least consult with a bankruptcy lawyer that understands the laws and how to navigate the courts for you to get you the fresh start you deserve.

Answer Applies to: California
Replied: 11/1/2011

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Most of our clients are able to retain most if not all of their assets because Colorado's exemption laws are very reasonable. An attorney can explain which assets, if any, are subject to liquidation in your case.

Answer Applies to: Colorado
Replied: 11/1/2011

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Many (and often most) assets can be protected from liquidation in a Chapter 7 bankruptcy through proper exemption planning. Please contact our office for a free bankruptcy consult so that we can review your information and determine the best exemption plan to protect your assets while giving you a fresh start through the Bankruptcy process.

Answer Applies to: California
Replied: 11/1/2011

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No. In Texas, you can keep your home, car, furniture, sporting goods, retirement, 2 guns, your household pets and even more.

Answer Applies to: Texas
Replied: 11/1/2011

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Many and possibly all your assets would be "exempt" in a bankruptcy and not be liquidated. The list is long, but a few examples are homestead - $60,000 ($90,000 if over 60 or disabled) vehicles - $5,000 ($10,000) Household goods - $3000 clothing - $1500 jewelry - $2000.

Answer Applies to: Colorado
Replied: 11/1/2011

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You get to keep a certain amount of property to start over with. This is called exempt property. Long story short, if you don't own a home with equity, you can exempt "roughly" about 25k in stuff. Most people filing keep everything they have, but to the extent you can't exempt it all, you may have to turn your non-exempt property over to the court. I bet you could get all your questions answered in a free consultation.

Answer Applies to: California
Replied: 11/1/2011

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No, all of your assets will not be liquidated to pay your debts. The odds are that most of your assets are exempt from being taken to pay your creditors. You should definitely contact a local competent bankruptcy attorney to discuss the value of your assets and to see if they will be exempt from being taken to satisfy your creditors. The vast majority of people that I meet with end up losing none of their assets under Colorado's exemption laws.

Answer Applies to: Colorado
Replied: 11/1/2011

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That is very doubtful. You have exemptions in most household furniture and appliances. Up to $20,000 in equity in your home and $2500 in equity in a vehicle. So unless you have a lot of non-exempt property they will not liquidate your assets.

Answer Applies to: Utah
Replied: 11/1/2011

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PROBABLY not. It really depends upon what you own and what it is worth. You need competent bankruptcy counsel to review your assets and claim the proper exemptions.

Answer Applies to: Washington
Replied: 11/1/2011

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Many assets can be exempted and protected in bankruptcy. For instance, there are exemptions for both a home and a car. You should not assume that you will lose assets in bankruptcy until you have had a detailed consultation with a bankruptcy attorney. Also, even non-exempt assets can be retained in a chapter 13 bankruptcy case. The great majority of people do not lose anything or they lose very little in bankruptcy.

Answer Applies to: Minnesota
Replied: 11/1/2011

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Unless you have property of unusual value you will probably be able to keep all or most of your property.

Answer Applies to: Colorado
Replied: 11/1/2011

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In theory a Chapter 7 is a liquidation. State law allows some assets to be exempted out. It is best to be represented by an experienced attorney that can go over your assets and make sure you can keep them.

Answer Applies to: Georgia
Replied: 11/1/2011

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You will be allowed to keep a certain amount of "exempt property". You should speak to a bankruptcy attorney, and he or she will be able to determine what property you will be able to keep in a chapter 7 proceeding.

Answer Applies to: California
Replied: 11/1/2011

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Though a Chapter 7 bankruptcy is called a liquidating bankruptcy, you are allowed to protect certain assets with exemptions. Depending on how much equity you have in your home, you may choose to use the federal exemptions or the state exemptions. When you meet with a bankruptcy attorney, they will go over which of your assets you will be able to protect. In most cases, people are able to protect the majority of their assets.

Answer Applies to: Minnesota
Replied: 11/1/2011

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It depends on what chapter you file and what kind of assets you have. You need to speak to an attorney about what kind of assets you can keep. Bankruptcy does offer protection and allows you to keep some of your property.

Answer Applies to: California
Replied: 11/1/2011

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