When you file a Chapter 7 bankruptcy case, the trustee will investigate your assets to determine if there are any nonexempt assets that can be liquidated to pay your creditors. Bankruptcy law provides protection for many assets by exempting them from being included in your bankruptcy estate. For more information regarding what assets are protected by exemptions, please read our blog titled “Chapter 7 Bankruptcy Exemptions Protect Your Assets.”
If you have nonexempt assets, the Chapter 7 trustee can sell them in order to pay back your creditors. Thus, before you file your case, it is imperative that you confer with us to determine what assets may be sold by the trustee. Examples of nonexempt property includes:
- Vacation homes or other houses not used as your primary residence
- Second cars or other additional vehicle, including ATVs, boats, motorcycles, etc.
- Valuable collectables, such as an antique car or stamp collection
- Family heirlooms
- Investments and other financial assets like stocks and bonds
The above list is not exhaustive, so if you are considering filing a Chapter 7 bankruptcy, please let us review your assets and help you understand what is not exempt. It is better to be prepared and have a strategy in place than to get caught unaware of what you are facing in your filing. Let us help.
The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC handle Chapter 7 and Chapter 13 bankruptcies, as well as student loan assistance, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense and debtor’s rights matters. We serve the areas of Milwaukee, South Milwaukee, West Milwaukee, Milwaukee County, and Waukesha County, including the municipalities of Big Bend Village, Brookfield City, Brookfield Town, Butler Village, Chenequa Village, Delafield City, Delafield Town, Dousman Village, Eagle Town, Eagle Village, Elm Grove Village, Genesee Town, Hartland Village, Lac La Belle Village, Lannon Village, Lisbon Town, Menomonee Falls Village, Merton, Town, Merton Village, Mukwonago Town, Mukwonago Village, Muskego City, Nashotah Village, New Berlin City, North Prairie Village, Oconomowoc City, Oconomowoc Lake Village, Oconomowoc Town, Ottawa Town, Pewaukee City, Pewaukee Village, Summit Town, Sussex Village, Vernon Town, Wales Village, Waukesha City, and Waukesha Town. Call DeLadurantey Law Office by phone at (414) 377-0518.