What you Give
The only property the TRUSTEE can take for sale is non_exempt property that is worth more than a debt it secures. So we always consider EXEMPTIONS under Bankruptcy Law to see what in fact a debtor gives up.
If there's a value to be gained, the Trustee will usually consider taking for sale:
LAND (if paid for and not exempt) The debt-free value of a home and up to 5 acres is exempt up to $25,000 in Louisiana.
CARS (unless you owe equal to or more than its value) One car, with debt free value of up to $7,500 used to go to work is exempt.
LUXURY ITEMS: stereo, TV, (If late models and worth more than a few hundred dollars)
CASH and Income Tax Refunds due at the time of filing
ELECTRIC OR OTHER DEPOSITS
EMPLOYER CONTRIBUTIONS TO RETIREMENT MADE WITHIN YEAR BEFORE FILING
VALUABLE JEWELRY
OTHER (any item or property the trustee can sell for money to pay debts)
What you Get
Chapter 7 gives you a DISCHARGE which erases all your debts. Some things, such as taxes, debts to the government, student loans, alimony and child support are not DISCHARGED. But all your other bills will be erased.
Our office does not cancel Judgments as part of your BANKRUPTCY. This is a separate procedure and is not covered by the fees for work in BANKRUPTCY court.
G. Paul Marx, A Professional Law Corporation
NEW LAW- OCTOBER 17, 2005 BANKRUPTCY REFORM ACT
Chapter 7 Topics: THE DEAL THE TRUSTEE EXEMPT PROPERTY
MORTGAGES, SECURED CREDITORS TRUSTEE ACTIONS
THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.