“What’s an asset?” I hear this one a lot.
New clients or people just considering Logan bankruptcy usually are not familiar with the terms that Logan bankruptcy law uses. However, debtors who learn just a few of the most important terms have a better understanding of the Logan bankruptcy process and thus make better decisions and enjoy better results.
I want you to have a successful and low-stress Logan bankruptcy, so I’m taking some time to talk about assets.
Your assets are your property, all of the things you own. Your car, home, land, investments and other possessions are all assets. During the Logan bankruptcy process, debtors make a careful inventory of all their assets and present it to the Logan bankruptcy court. Debtors must also include all the assets that are in more than one name. These assets are organized into groups. Let me explain the different kinds of assets there are.
Financial Assets: These are assets that increase in value over time. Your home, and investments such as stocks and bonds are examples of financial assets. Motor vehicles are not financial assets because they, generally, become less valuable over time.
Exempt Assets: The Logan bankruptcy court permits debtors to keep these assets after completing Chapter 7 Logan bankruptcy. An asset is determined to be exempt if the equity the debtor has in it is below a predetermined cutoff. Every type of asset has its own cutoff, so come in for a free consultation and we can discuss your unique case. There are ways to protect more, if not all, of your property under exemption, so come in and let us help you.
Non-Exempt Assets: The Logan bankruptcy court takes these assets from debtors after completing Chapter 7 Logan bankruptcy. The Logan bankruptcy court sells them for fair market value and pays the creditors with the money they generate.
Hopefully this answers some questions for you. Many debtors worry about losing their property and their dignity in Logan bankruptcy, but you don’t need to be concerned. I want you to become free from debt and get the fresh start you deserve.
