What property is nonexempt under Chapter 7 bankruptcy?
Chapter 7 bankruptcy allows for the court to appoint a trustee to liquidate the nonexempt assets of someone who has filed for bankruptcy. The bankruptcy trustee sells the assets in order to pay back the creditors. Before filing for this type of bankruptcy, it is important to know what might be sold by the trustee. Nonexempt property can include, but is not limited to:
- Second cars or other vehicles
- Second or vacation homes
- Valuable collected materials, such as an antique car or stamp collection
- Family heirlooms
- Investments and other financial assets like stocks and bonds
If you have more questions about nonexempt property, Chapter 7, or any other type of bankruptcy, contact a Milwaukee bankruptcy lawyer of the DeLadurantey Law Office today at 414-377-0518.