When an Asset is Liquidated in a St. Louis Bankruptcy
The only time an asset (whether it is personal property or real property) is at risk of liquidation is when a St. Louis Chapter 7 bankruptcy has been filed. In a St. Louis Chapter 13 bankruptcy, most assets (regardless of their value or the extent of their equity) are protected. But just because you have personal or real property does not mean that you will lose the asset when you file a Missouri Chapter 7. There are only certain circumstances in which this can happen, and understanding what those circumstances are can help keep your belongings safe.
The primary example of an asset potentially being liquidated in a Chapter 7 bankruptcy (by a Chapter 7 Trustee) is when the asset has a substantial amount of equity. If there is equity above the exemption levels that the government offers, then the Trustee will undoubtedly be interested in taking the asset, selling it, and using the proceeds to pay towards the unsecured creditors that are to be discharged through the bankruptcy.
Of course, the goal of the St. Louis bankruptcy lawyers at The Bankruptcy Company is to protect those assets you wish to keep. The knowledge and experience our attorneys have in making this goal a reality comes from years of valuing of assets, determining their actual worth, applying appropriate exemptions towards them, and negotiating settlements with the Chapter 7 Trustee when necessary. Over the years we have saved hundreds of millions of dollars in various assets (both personal and real property) while helping people keep all the items they own.