"Straight" Bankruptcy: Chapter 7
What are nonexempt assets?
Everything not specified under the law. The Bankruptcy Code requires that you give all these nonexempt assets to the bankruptcy trustee. The trustee will then liquidate (sell off) these nonexempt assets for the benefit of your creditors. However, in actual practice, over 85 percent of Chapter 7 filings are "no-asset filings"—that is, there are no assets left for unsecured creditors after the exempt assets have been claimed.
>>What does Chapter 7 bankruptcy involve?
>>Am I eligible to file for bankruptcy under Chapter 7?
>>How does the means test work?
>>What steps do I need to take before filing for bankruptcy?
>>How does a Chapter 7 bankruptcy case begin?
>>What do I have to tell about my finances?
>>Will I lose some of my assets if I file for Chapter 7?
>>What are exempt assets?
>>What are nonexempt assets?
>>May I use Chapter 7 bankruptcy to get rid of all my debts?