Bankruptcy Cases with Nonexempted Assets

If, at the conclusion of the meetings of creditors, the appointed bankruptcy trustee determines you have some nonexempt assets, you might be required to either surrender that property or provide the trustee with its equivalent value in money. If the property isn't worth very much or would be hard for your trustee to sell, your trustee may "abandon" the assets -- which means that you don't have to give it up, even though it is not exempted in full. Your bankruptcy lawyer will advise you if this is the case.

Most property owned by our clients is either exempt or is essentially worthless for purposes of raising cash for the creditors. Therefore, few debtors end up having to handover any property, unless it is collateral for a secured debt.

For information on our bankruptcy services or to speak with one of our Grand Rapids bankruptcy attorney, feel free to give us a call at (616) 920-0555.