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Nonexempt property is seized and liquidated to pay creditors. Assets exemptions range in Each and every point out. Even so, in lots of situations debtors are allowed to maintain their Most important property, personal possessions, and motor vehicle. The trustee then oversees the liquidation of all other residence.After that, it’s merely a i
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The debtor entity functions as its possess trustee in Chapter 11 proceedings, filing a disclosure assertion and reorganization prepare Along with the court, detailing a payment framework that could impair the rights of most or all the creditors.Later on, your attorney can perform with the court to create a payment strategy for the bankruptcy filing
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