Sentences with phrase «non-exempt property of the debtor»

Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors.

Not exact matches

Chapter 13 bankruptcy allows debtors the option of paying out the value of non-exempt property to their creditors over time while slashing credit card debt and other unsecured debt.

Some advantages bankruptcy protection might offer a bankrupt debtor is that you can obtain an automatic stay which means the mere request for bankruptcy protection automatically stops and brings to a cessation certain lawsuits, foreclosures, utility shut - offs, evictions, repossessions, garnishments, attachments, and debt collection harassment, filing might save your home, you can reschedule secured debts, you can receive protection for co-debtors you can keep all non-exempt property, you can consolidate all your loans under one plan, all or part of your loans may be completely forgiven, and you can extend certain tax obligations, student loans, or other such qualifying debts.

In the majority of all Chapter 7 bankruptcy cases, the debtor does not own any non-exempt assets, so no property is sold.

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.

In a Chapter 7 bankruptcy, the debtor will be allowed to keep some of his exempt property, but his non-exempt property will be sold by the bankruptcy trustee and the proceeds used to pay his creditors.