Within the Chapter 7 Bankruptcy Code are the strict legal requirements that must be met before filing. A knowledgeable Chapter 7 bankruptcy attorney has an in-depth knowledge of these strict legal requirements. It is strongly recommended that you speak with a knowledgeable attorney regarding specifically what is required to file and what property may be subject to seizure and liquidation.
Exempt property is property that the debtor is entitled to retain when declared bankrupt. Liars will not be able to assets as they are classified as exempt property. As a general rule, anything used or imposed to produce a benefit that the Chapter 7 Bankruptcy Trustee or Court trust may not take from the person who owes the debt is considered exempt property. Some examples of typical exempt property that are commonly used are;
· Cars
· Cell Phone
· Television
· Gun
· Hand-rocket magazines
· Club memberships
· mounted police service vehicles used by the mounted units of a countyIndependent Authority
· eds and wills.
Bankruptcy Personal Property
The personal property, which consists of items that are not specifically exempt, can be seized and sold at auction by the trustee. Fat earnings from liquidation of exempt property can also be used to pay off creditors if possible. In some cases the trustee may request that any exempt property be sold to pay off creditors.
List Exemptions on Your Bankruptcy Petition
Included in your bankruptcy documents is a list that includes everything you set out to protect you and your family while you are in bankruptcy. This is typically a invited lists all of your assets and prepare a comprehensive list that you will place in your Bankruptcy Petition. This is to ensure that you do not leave out any assets you are entitled to retain, or do not transfer any asset to a family member prior, during or after your bankruptcy.
Furnish Prior to Bankruptcy
It is strongly recommended that you furnish these lists within two weeks of filing your bankruptcy petition approximately a month prior. If you listed assets in your bid to retain these items prior to filing bankruptcy, then the trustee will investigate all transfers of these assets prior to the bankruptcy.
Included in the list you will locate the contact information for the Insolvency Trustee to provide you with records of any transfers of assets that you may have made. They can also provide you with copies of any bankruptcy orders that may have been imposed on you, as well as the release of property from your secured creditors.
Notify Creditors of Personal Bankruptcy
Prior to the signing of your bankruptcy documents you are required to notify each of your creditors of your bankruptcy. Documents filed within a month of filing will include the following information,
· name and address of your lawyer
· the name, address and address of your bankruptcy trustee
· the hearing and other manuals for your Chapter 7 bankruptcy
· copies of any settlements reached with creditors or consolidation loans
· evidences of any payments that have been distributed to creditors under Chapter 13 bankruptcy proceedings
· the name, address, and address of each of your secured creditors and the charge against them for unsecured debts
Bankruptcy Trustee working closely with Chapter 7 Bankruptcy Petition taxpayers as well as executors are in the position of coordination between the debtor, their lawyer, trustees and representatives in trustee’s office. Should there be any problems uncovered the court will delay the bankruptcy proceedings until all these situations are resolved.
