Sentences with phrase «trustee sells all assets»

I'm not an attorney but Chapter 7 is a liquidation filing where the Trustee sells all assets of the filing party and then pays creditors a portion of their claim.

Not exact matches

In a court document filed Wednesday, Tokyo attorney and bankruptcy trustee Nobuaki Kobayashi announced that he had sold roughly $ 400 million in bitcoin and bitcoin cash and plans to consult with the court on «further sale» of those assets.

With a true blind trust, Painter says, a president would typically sell his business, and then have an independent trustee — someone with no familial ties — reinvest the proceeds in assets the president doesn't even know have been selected.

If any Shares remain outstanding after the date of termination, the Trustee thereafter shall discontinue the registration of transfers of Shares, shall not make any distributions to Shareholders, and shall not give any further notices or perform any further acts under the Trust Agreement, except that the Trustee will continue to collect distributions pertaining to Trust assets and hold the same uninvested and without liability for interest, pay the Trust's expenses and sell Bitcoins as necessary to meet those expenses and will continue to deliver Trust assets, together with any distributions received with respect thereto and the net proceeds of the sale of any other property, in exchange for Shares surrendered to the Trustee (after deducting or upon payment of, in each case, the fee to the Trustee for the surrender of Shares, any expenses for the account of the Shareholders in accordance with the terms and conditions of the Trust Agreement, and any applicable taxes or other governmental charges).

The trustee sells your non-exempt assets and distributes the proceeds.

As your bankruptcy trustee, we will do an assessment of what assets would have to be sold and estimate the amount of surplus income that would have to be paid.

Generally, the trustee won't sell an asset if you only have slightly more equity than the exempt amount.

The trustee considers it undesirable to sell any of the SMSF's assets.

If you make sure that you have an accurate value for your assets, then it will be close to what a trustee could get by selling them and your attorney can claim the correct exemptions and protect your assets.

When a person is declared bankrupt, nearly all of their assets are placed with a bankruptcy trustee and then sold to pay the person's debts.

If you file for bankruptcy and have assets that are not protected, your trustee is required to sell those assets.

Your property becomes placed under the supervision of a bankruptcy trustee once you file, who may be able to sell some of your assets to pay back your debt, but this doesn't usually happen.

Exempt property: The appointed trustee in a Chapter 7 bankruptcy will sell off nonexempt assets to pay your creditors.

A trustee helps you decide which assets to «liquidize,» or sell off, to quickly pay off all the debt that you can.

If you have assets that are not exempt, a chapter 7 bankruptcy trustee may require that you turn them over so that they may be sold and funds paid to creditors.

If you are not able to pay your debts by selling or refinancing assets, it might be a good time to talk to a licensed insolvency trustee.

Trump could have provided a lot of shares for the IPO, and instructed the trustee for his assets to sell it off the remainder over the next year or so.

Once you have transferred your assets to your trustee, it becomes their duty to sell them for the benefit of your creditors.

But if you have an asset case, meaning there are items to sell, the court could deny a discharge with respect to your debt associated with that creditor because they were not able to be paid by the trustee.

By contrast, an asset case involves property of greater value than the applicable exemption limits and requires the trustee to sell property to pay back creditor claims.

Put simply, the job of the chapter 7 trustee is to evaluate each debtor's assets and sell (liquidate) those items that are non-exempt.

Think the trustee never sells / intercepts / takes assets?

However, for the 30,000 low income Canadians who file a bankruptcy each year, who have no assets to sell or whose wages are too require an income based payment, a trustee asks for fees up front in the form of a «fee guarantee» and are paid over and above any money collected in a debtor's estate realization such as an income tax refund.

If you have assets outside of the EU, the trustee may find it difficult to sell them.

If you file bankruptcy chapter 7, you are assigned a trustee who sells your nonexempt assets and distributes the profits to your creditors to pay for your debts.

If you have any assets, your trustee will be responsible for deciding whether to sell them to raise money to pay to your creditors.

However, if the trustee has assets to sell the case will remain open until the trustee has sold your non-exempt assets and paid your creditors.

File for Chapter 7 bankruptcy and let the trustee sell the unexempt asset.

In Chapter 7 Bankruptcy, your trustee sells all of your eligible assets over a relatively short period of time to pay off all the debt possible; the rest is discharged.

Also, your trustee continues to have a duty to sell any assets that were transferred to them because of your bankruptcy.

The trustee may wish to sell any assets you have.

If there are no assets to administer (no stuff to sell) then the trustee will allow the case to be closed shortly after the entry of the discharge order.

It is, however, called a liquidation bankruptcy, which means it allows a court - appointed trustee to accumulate your nonexempt assets and sell them to generate funds to repay certain creditors.

A trustee will sell the majority of your assets to help pay off creditors.

In most cases, many of the assets held by the person declaring bankruptcy will be taken by the trustee and sold to pay off creditors, but there are some assets that are protected when filing for bankruptcy.

As a last resort, you can declare a Chapter 7 business bankruptcy, turning over the business to the bankruptcy trustee who will sell its assets, go after any outstanding accounts receivable, pay owed taxes, and distribute any remaining funds to creditors.

The trustee is not required to seize your assets and sell them; they are only required to «turn them into cash».

The company's trustee in bankruptcy sought to disclaim the bankrupt's interest in those wells but to sell the valuable assets, which the Alberta Energy Regulator opposed.

In the vast majority of Chapter 7 bankruptcy cases, the debtor does not own any non-exempt assets, so the trustee does not sell any property.

For example, in Chapter 7, the trustee has the power to sell all nonexempt assets (see why determining best exemption by filing jurisdiction so important) to pay your creditors.

Chapter 7 bankruptcy is often called as «liquidation» because the bankruptcy trustee in your Chapter 7 bankruptcy case has the option to liquidate, or sell, any of your non-exempt assets.

Most people who file Chapter 7 bankruptcy do not own any non-exempt assets, so there is no property for the trustee to sell.

The bankruptcy trustee in Chapter 7 bankruptcy cases may opt to sell any non-exempt assets you own.

And the liquid death benefit is available from the life insurance company quickly, so that your trustee of your estate and beneficiaries promptly have the liquid assets needed, rather than have to sell off other assets to create needed liquidity.

• Provide cash to your estate executor / trustee to avoid selling off assets to pay estate taxes upon the death of the policyholders.

The trustee would then review the month - to - month rent agreements and mortgage payments and come to the conclusion that the tenants need to be evicted and the assets sold.