If, at the conclusion of the meetings of creditors, your bankruptcy trustee determines that you have some nonexempt property, you might be required to either surrender those assets or provide your trustee with its equivalent value in cash. If the property isn't worth a lot or would be difficult for the appointed trustee to sell, the assigned trustee may "abandon" the assets -- which means that you don't have to surrender it, even though it is nonexempt. Your bankruptcy attorney will advise you if this is the case.
The majority of property owned by Chapter 7 debtors is either exempt or is essentially valueless for purposes of paying cash for the creditors. Therefore, few debtors end up having to give up any assets, unless it is collateral for a secured loan.
For information on our bankruptcy services or to speak with one of our Grand Rapids bankruptcy lawyers, feel free to give us a call at (616) 920-0555.
