What is an Asset Case?

When job loss, medical bills, divorce, or other unfortunate events interfere with your ability to uphold your financial obligations it can seem as if your life is spinning out of control. This difficult situation can take a severe toll on your personal and professional life and might even strain your marriage. In the midst of such a challenging period, it is important that you understand the options that are available to help you legally resolve oppressive financial problems. A Chapter 7 bankruptcy filing is one of the most powerful and effective means of putting an end to these struggles.

Most Chapter 7 filings do not require an individual to submit his or her possessions to bankruptcy sale, but in the event that you have sufficient non-exempt assets to warrant this measure, then yours may be considered an “asset case”. A skilled and experienced bankruptcy attorney can help you to understand what may or may not be subject to sale. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 for more information.

How the Sale Works

After your bankruptcy case has been filed with the United States Bankruptcy Court, a Bankruptcy Trustee will be appointed to your case. The Trustee has a number of specific duties to fulfill during the handling of your case, and a number of these bear directly on the liquidation sale that may be ordered.

Upon review of your assets, debts, and pertinent filings, he or she will determine whether you have sufficient non-exempt assets to merit a sale. When the sale is held, the items for sale will be either auctioned or sold at a fixed price, and the proceeds from this sale will be divided and distributed among your creditors.

Contact Us

We are prepared to help you through every phase of the Chapter 7 bankruptcy process. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 today to discuss your legal rights and options.