Bankruptcy Without Assets
Description
How to fill out Complaint Objecting To Discharge In Bankruptcy Proceedings For Concealment By Debtor And Omitting From Schedules Fraudulently Transferred Property?
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FAQ
Is there such a thing as partial bankruptcy that allows you to focus on one issue without wiping out all of your debt? In short, the answer is no.
You may hear it called a ?liquidation? bankruptcy because your trustee can liquidate, or sell off, an nonexempt property. This might sound scary but rest assured that most Chapter 7 filers do not lose any property because their property is protected by exemptions.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.
However, exempt property in a California bankruptcy is generally described as: Your main vehicle. Your home. Personal everyday items. Retirement accounts, pensions, and 401(k) plans. Burial plots. Federal benefit programs. Health aids. Household goods.
The bankruptcy trustee can also sue your friends and family to regain the assets or money. Other ways people hide assets is by lying about the possession of or destroying assets. Moving assets to other bank accounts or property or falsifying information to make it seem like the assets are of little or no value.