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/
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