HOW DO I VALUE MY ASSETS IN A BANKRUPTCY?

In a Chapter 7 bankruptcy, the state provides certain exemption limits that protects your assets from bankruptcy, and any assets with a value above that limit could be at risk.  The trustee is not interested in your small assets such as everyday clothing or kitchen utensils.  They are looking for assets that can liquidated such as a coin or art collection, sports memorabilia, etc.  As a result, it is very important how your assets are valued on your bankruptcy petition.  In certain situations, your valuation and that of the trustee can vary greatly, and an independent appraisal may be necessary.  For real estate and vehicles, there are several websites available to provide an estimation of the property's value.  With other assets, a valuation can be much more complicated.  For more information on this issue, feel free to contact one of our experienced bankruptcy attorneys.

http://www.westmontattorneys.com/Bankruptcy/

WHAT HAPPENS IF I STOP MAKING PAYMENTS IN A CHAPTER 13 BANKRUPTCY?

As discussed in previous blogs, a Chapter 13 bankruptcy requires the debtor to make monthly payments to the bankruptcy trustee, who will then distribute the money to creditors in accordance with their priority.  If the debtor ceases making payments in a chapter 13 bankruptcy, the case will be dismissed with no resulting discharges.  For the debtor, it would be as if no bankruptcy was ever filed, and he or she would lose any of the money that was paid related to the bankruptcy.

http://www.westmontattorneys.com/Bankruptcy/