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Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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Home  >  FAQs  >  Is there any nonexempt property under Chapter 7 bankruptcy?

Is there any nonexempt property under Chapter 7 bankruptcy?

Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows debtors to discharge many of their debts in exchange for liquidating assets to pay off creditors. There are, however, many exemptions to allow debtors to keep essentials such as their home, vehicle, and more. Along with exempt property, there is also nonexempt property that may be sold by the bankruptcy trustee. This includes secondary vehicles or homes, family heirlooms, and even investments like stocks or bonds.

In a properly handled case, most Chapter 7 filers do not have to lose much or any of their property to a bankruptcy sale. For help if you have found yourself in dire financial straits, contact the Cedar Rapids bankruptcy attorneys of Hong Law, PLC, at (319) 294-5853 to schedule a free consultation.

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