If, after the meetings of creditors, the assigned bankruptcy trustee decides you have nonexempt property, you might be required to either give up those assets or provide the appointed trustee with its equivalent value in cash. If the property isn't worth very much or would be difficult for the appointed trustee to sell, the appointed trustee may "abandon" the property -- which means that you don't have to surrender it, even though it is nonexempt. Your bankruptcy attorney will advise you if this is the case.
Most property owned by our clients is either exempt or is essentially worthless for purposes of paying cash for the creditors. Therefore, few debtors end up having to handover any assets, unless it is collateral for a secured loan.
For information on our bankruptcy services or to speak with one of our Grand Rapids bankruptcy lawyers, feel free to give us a call at (616) 920-0555.
Bankruptcy Lawyer Located in Grand Rapids Michigan. Law firm does Chapter 7 and Chapter 13 Bankruptcies.
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