Re: save or lose this asset in bankruptcy?

Posted by SillyLilly (216.222.111.217) on August 15, 2004 at 10:56:22:

In Reply to: Re: save or lose this asset in bankruptcy? posted by debtvolks on August 14, 2004 at 22:30:27:

Yes, in a chapter 7 you can keep assets that are not exempt by redeeming them with the Trustee. You and the Trustee would have to negotiate the the worth of the property, and the redemption money would have to come from an exempt source. For example, from a 401k that's exempt, or a gift from family, etc.

This will turn your chapter 7 into an asset case where the Trustee requests creditors to submit claims. The Trustee keeps approx 10% of whatever she recovers, then distributes the rest to creditors who submit claims. Your bk should still discharge on schedule, but having an asset case will drag out the time it takes for your bk to close.

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