Asset Advice From Minooka Bankruptcy Attorney

If you file a Chapter 7 bankruptcy case that has assets, you may lose those assets in exchange for your fresh start.  Picture Chapter 7 bankruptcy as the case goes before the trustee.   He is like a crane in that old novelty game where you try and gather a stuffed animal dangling below.  If we dare file a Chapter 7 that has something that he can grab onto and we can’t protect it, he doesn’t have to let go. We can’t just say oh, we will dismiss the case then, we don’t want to do a Chapter 7.  I’m sorry. We will dismiss it.  No, it’s too late because he is going to grab it and administer it and sell it because that’s how he gets paid. And he will give the creditors a little bit. So picture that crane coming down. We don’t want to have any exposed assets. Every once in a while we do, but the client knows it, and the client signs something saying that he is aware that he has  a potential asset here that it might be taken because there are gray areas. We don’t know exactly if the trustee is going to make a big deal about something.  In some cases, the asset is very small providing little in the way of payment to creditors.  However, this can and will cause an inconvenience to the debtor.  So take caution before filing a chapter 7 bankruptcy case with assets.

See Also Minooka Bankruptcy Lawyer or call (847) 520-8100.