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.
Subscribe to:
Post Comments (Atom)
I can see that you are putting a lot of time and effort into your blog and detailed articles! Will be back often to read more updates! Thanks for this.
ReplyDeletereal estate in Arizona
Great Blog!!!!
ReplyDeleteBankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.
phoenix bankruptcy lawyer
Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their sites. Keep on sharing!
ReplyDeleteArizona Living Trust
options it shows that they understand your situation and are sympathetic to the fact that you are strapped for cash. bankruptcy ads
ReplyDelete