EXEMPT ASSETS DURING CHAPTER 7 BANKRUPTCY LIQUIDATION IN HAWAII

Chapter 7 bankruptcy is the most common form of bankruptcy in Hawaii. Filing for Chapter 7 bankruptcy means that a trustee may liquidate your non-exempt assets and use the proceeds to repay creditors from the bankruptcy estate. Many consumer and sole proprietor business assets, however, may be exempt. Those exempt assets would not be liquidated and, eventually, would become your assets again and not be included in the bankruptcy estate. Exemptions allow you to retain certain assets so that you can make a fresh start after filing for Chapter 7 bankruptcy. Exempt assets cannot be sold to repay creditors. In Chapter 7 bankruptcy, which assets you can keep, and how much you can keep, depends on the monetary value of your assets and what specific exemption scheme you can chose. An experienced Hawaii bankruptcy attorney can help you determine which assets can be exempted from the Chapter 7 bankruptcy estate and will fight to help you retain your exempt assets.

CHAPTER 7 BANKRUPTCY LIQUIDATION

Part of a Chapter 7 bankruptcy trustee’s job involves selling off non-exempt assets to provide funds to pay the valid claims of your creditors. Which assets need to be liquidated will have to be established before your Chapter 7 filing can be complete. This is often a complicated and emotional process, and it can cause a great deal of stress to chose what you may have to sell off of your hard-earned property to pay off your creditors. Some assets may be saved by selecting a different type of bankruptcy filing. Without help from a knowledgeable and experienced Hawaii Chapter 7 bankruptcy lawyer, you could end up liquidating more than you need to. The Honoka`a office of Big Island bankruptcy lawyer Barbara L. Franklin has filed over 300 successful bankruptcy cases since opening her practice in Hawaii, and is ready to put her decades of experience to work for you as you file for Chapter 7 bankruptcy.

EXEMPT ASSETS IN CHAPTER 7 BANKRUPTCY

If you live in Kailua Kona, Hilo, Waimea, Honokaa, Keaau, Kalaoa, Waikoloa, or anywhere else on The Island of Hawaii, and you are thinking about filing for Chapter 7 bankruptcy, Big Island bankruptcy attorney Barbara L. Franklin can help you determine which of your assets are exempt from being included in the Chapter 7 bankruptcy estate, and will act as your advocate in bankruptcy court to fight for your right to keep those exempt assets. Her thorough knowledge of Chapter 7 bankruptcy law has helped countless Big Island residents and small businesses keep their exempt assets when filing for Chapter 7 bankruptcy. She offers flexible appointment scheduling, and your first consultation with her is thorough, comprehensive and very reasonably priced.

CALL TODAY FOR A CASE EVALUATION

If you live on the Big Island are are thinking of filing for Chapter 7 bankruptcy, call the Honokaa offices of Barbara L. Franklin today at (808) 775-0530 to schedule a consultation, or drop by during regular business hours at 45-3438 Mamane Street, Bldg 2, Honokaa, HI 96727.