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Chapter 7 Bankruptcy IN A NUTSHELL Copyright © 2013 Mack & Associates LLC - All Rights Reserved
Chapter 7 Bankruptcy: In a Nutshell Bankruptcy is a trade off. On one hand, you get to discharge many, if not all, of your debts. On the other hand, if you have any “non-exempt” property, then you will have to surrender that property to the trustee. Copyright © 2013 Mack & Associates LLC - All Rights Reserved
Chapter 7 Bankruptcy: In a Nutshell This circle represents everything you have any kind of legal ownership interest in. Copyright © 2013 Mack & Associates LLC - All Rights Reserved
Chapter 7 Bankruptcy: In a Nutshell Everything you own will fall into one of two categories, exempt and non-exempt. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved
Chapter 7 Bankruptcy: In a Nutshell Everything that is Exempt is legally off limits and will not have to be surrendered to the bankruptcy trustee. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved
Chapter 7 Bankruptcy: In a Nutshell Everything that is Non-Exempt is not off limits. Non-Exempt property becomes part of the “bankruptcy estate” which in layman’s terms is basically everything that you do not get to keep. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved
Chapter 7 Bankruptcy: In a Nutshell Your Non-Exempt property becomes part of the bankruptcy estate as soon as you file your bankruptcy. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved Bankruptcy Estate
Chapter 7 Bankruptcy: In a Nutshell When you file your bankruptcy, there is a Bankruptcy Trustee who is assigned to your case. They are in charge of “Administering” the bankruptcy estate. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved Bankruptcy Estate Trustee
Chapter 7 Bankruptcy: In a Nutshell To Administer the Bankruptcy Estate essentially means to identify the Non-Exempt property and liquidate (i.e. sell) the property. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved Bankruptcy Estate Trustee
Chapter 7 Bankruptcy: In a Nutshell Then a portion of the money generated from the liquidation of the Non-Exempt property kept by the Trustee to fund the Trustee’s office and the remaining money is distributed to the creditors to offset their losses in the bankruptcy. Non-Exempt Exempt Copyright © 2013 Mack & Associates LLC - All Rights Reserved Bankruptcy Estate Trustee $ Creditors
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