In a chapter 7 or chapter 13 bankruptcy case, the bankruptcy trustee looks for “nonexempt” assets that the petitioner—the person filing bankruptcy—has, and that can be sold. If any “nonexempt” assets are found by the trustee’s investigation, then the trustee’s next steps are to distribute the non-exempt equity from the sale of those assets to … Continue reading What Property Is Exempt, And What Property Can Be Taken, In Bankruptcy?