When you discharge your debt in Chapter 7, you may not be entitled to keep all of your property. The Court assigns the case to a "trustee" whose job is to liquidate property to generate funds to pay your creditors.
You are entitled to keep property that has no equity and "exempt property." In order to allow the debtor to get a fresh start the debtor is entitled to keep certain property that is exempt from the reach of the trustee.
To ensure equitable distribution of property in divorce proceedings, Winston Art Group can…
Mervyn's was an American middle scale department store chain based in Hayward, California, and founded by Mervin G. It carried national brands of clothing, footwear, bedding, furniture, jewelry, beauty products, electronics, and housewares.
In Chapter 7, most of the debtor’s property or assets are protected by law (See explanation of exempt assets below).
In rare cases, the bankruptcy trustee will take the unprotected or non-exempt assets and sell them to use the funds to distribute pro-rata among the unsecured creditors.
As part of the services that we provide the attorneys of our firm listen closely to our clients and are sensitive to our clients’ needs and objectives while giving realistic advice as to the available options.
In a Chapter 7 liquidation proceeding, most of your debts are discharged.
In a chapter 7, the secured debt is discharged, but the creditor does not lose its right to collect against the collateral. If the majority of your debt is consumer debt, the court can deny a discharge and dismiss the case, or you can convert it to a case under chapter 13, based on your ability to pay.What Happens to Collateral on My Secured Debts in Chapter 7?A debtor has four options on secured debts, where the creditor is holding collateral to enforce the payment of the debt.Many of the company's stores were in shopping malls.Based on 2005 revenue, Mervyn's was the eighty-third largest retailer in the United States.