Non-Exempt Property in Chapter 7 Bankruptcy
If you have a rental property with equity or own unimproved land then you have non-exempt property. While in Chapter 7 bankruptcy, the Trustee reviews the case to determined if there are any assets that can be sold to pay unsecured creditors monies owed. I some cases, the trustee will determine that you are required to convert case to Chapter 13 bankruptcy and pay a percentage equivalent to the equity or value of non-exempt property. This is accomplished by making payment to a Chapter 13 Trustee for 36-60 months.
There are many factors that determine if you qualify for a Chapter 7 bankruptcy. Your income, non-exempt property and current status with secured debts that you intend to retain. Disclosing all property that you have interest in will assist your attorney in determining what bankruptcy chapter you would be best qualified for.
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