You and your Minneapolis bankruptcy lawyer have discussed your financial options and have decided that you should file for Chapter 7 bankruptcy. You understand what that means and that you may have to surrender certain pieces of property in order to satisfy your debts. You are ready to do that, but how?
When you file for Chapter 7 bankruptcy in Minnesota, the U.S. Trustee will appoint a trustee to administer your case. The trustee assigned to your case is responsible for the administration of your bankruptcy case and for liquidating any property that is legally subject to bankruptcy liquidation.
How the Trustee Will Help Move Your Bankruptcy Case to Discharge
The first thing that the trustee will do is to determine if you have any assets subject to liquidation. If all of your assets are exempt from liquidation pursuant to federal or Minnesota law, then the trustee will file a no asset report with the court indicating that there are no assets to be liquidated.
However, if you do have assets that are non-exempt and may legally be used to satisfy your debts, then the trustee will liquidate those assets in such a way as to maximize the return to your creditors. This saves you from having to sell your own property and from any appearance of short-changing any creditors deserving of payment pursuant to the bankruptcy laws.
Contact a Minneapolis Bankruptcy Attorney to Learn More
While the bankruptcy trustee assigned to your case is impartial and tasked with upholding bankruptcy laws, you do not want to wait until your case is before a trustee to determine what property is non-exempt. By then, it might be too late to protect your property.
Instead, it is important to contact an experienced Minneapolis personal bankruptcy lawyer to discuss your different options so you can make the decisions that are in your best interests. For more information, please call our Minneapolis bankruptcy law firm today at 952.388.2942 or 1.800.619.8991, and read our FREE book: What You Need to Know About Filing Bankruptcy in Minnesota.