Bankruptcy information including whether to file a bankruptcy, deciding on a Chapter 7 or 13, Qualifying for Chapter 7 Bankruptcy, AZ Bankruptcy Exemptions, Finding the Best Arizona Bankruptcy Attorney for Your Case, and Life After Bankruptcy: Phoenix, Scottsdale, Mesa, Chandler, Tempe, Gilbert, or Anyplace, AZ, by Joseph C. McDaniel. Call 602-297-3025
Tuesday, May 24, 2011
A Chapter 7 Liquidation Normally Liquidates...Nothing!
The majority of Chapter 7 Bankruptcy Cases in Arizona are "no-asset" cases, which means that the Bankruptcy Trustee appointed to the case has reached a conclusion that there's no good economic reason to try to liquidate your replica autographed Star Wars Special Edition Obi-Wan FX Lightsaber, even though it's not exempt under the exemption laws in the state of Arizona.
If the trustee can't find at least six hundred or eight hundred dollars, net, worth of non-exempt assets to liquidate in your case, he or she is likely to just walk on by.
Which, in the context of a Chapter 7 Bankruptcy, means to stamp the case "NO ASSETS", and go on to the next file.
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