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How does Chapter 7 liquidation work?

On Behalf of | May 19, 2016 | Asset Forfeiture

If you are dealing with financial issues in Oregon, you may have considered filing for Chapter 7 bankruptcy. According to the Internal Revenue Service, this is a debt relief option that is meant to aid those who cannot pay down their debts through regular monthly payments. In order to receive this type of protection, however, you may be required to liquidate certain assets.

Upon its commencement, a bankruptcy trustee will be appointed to your case by the court. Among other duties, your trustee is charged with handling your Chapter 7 liquidation. In doing this, according to the U.S. Courts, he or she is responsible for maximizing the returns to your unsecured creditors. The assets that may be subject to liquidation include vacation or second homes, second vehicles, art collections, cash, stocks and bonds, and other investments.Typically, a portion of equity in your home and motor vehicles up to a certain value are protected from liquidation. So too are reasonably necessary clothing items, household furnishings and goods, and household appliances.

After your Chapter 7 bankruptcy filing, you may be ordered to turn over your non-exempt assets to your trustee. He or she will then sell this property. This may include luxury items that are free and clear of liens, or that are worth more than the liens or security interest that are attached to them. Once your assets have been liquidated, your bankruptcy trustee will apply the returns toward your unsecured debts.

This post has provided an overview of the Chapter 7 bankruptcy liquidation process. However, you should keep in mind that each case is unique. Therefore, you should take this post only as general information and not as legal advice.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.