When an Asset is Liquidated in a St. Louis Bankruptcy
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 Law Office of Jennifer Alter-Rieken 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.