Jacksonville Location (904) 981-8100

Orlando Location (407) 851-4357

Chapter 7 Bankruptcy Unprotected Property
September 5, 2014

Chapter 7 Bankruptcy Unprotected Property

Keeping Your Unprotected Property in a Chapter 7 Bankruptcy

While the majority of Chapter 7 Bankruptcy cases filed by the Law Offices of Keith D. Collier contain assets that are completely protected, occasionally a case arises where there are not enough "exemptions" or asset protections to fully protect the asset from the Chapter 7 Trustee. These asset remain unprotected by any exemptions. = Unprotected Property

For example, you have the following property that you own outright:

2010 Ford F-150 valued at $10,000.00 (per N.A.D.A.)

Household Goods and Furnishings valued at $1,000.00

Clothing valued at $500.00

Bank of America checking account valued at $250.00

Total Assets - $11,750.00

Minus Your Exemptions - $6,000.00

Equals $5,750.00 in unprotected assets.

This $5,750.00 is not lost. We negotiate what is referred to as your "buyback" of your unprotected property.  Instead of the Chapter 7 Trustee coming to your house to load up $5,750.00 worth of unprotected assets, they will usually allow you to just get on a payment plan with them to all you to keep your non-exempt assets.

The Trustee is a person appointed by the court to liquidate your Chapter 7 Bankruptcy Unprotected Property.

Depending on how much debt you stand to eliminate, whether you are being sued by a creditor or having your wages garnished, this may be the deal of the century.

At the Law Offices of Keith D. Collier, we use the most advantageous asset protections available to you to maximize your property protection.  Then, if there's any unprotected property, we fight hard for you to minimize the amount of your buyback with the Chapter 7 Trustee.  Call the Law Offices of Keith D. Collier today for a free in-office or phone consultation to discuss how we can help you.