assets turned over to the trustee

[defender90]

Where do trustee's sell your assets after they take them?

[FreshLikeADaisy]

Auctions, generally. I have seen several ads for various items seized by bk trustees on the web, actually, mostly for jewelry. You could ask your trustee (call his office) or google around to get more info. Good luck!!!

[lrprn]

Depends on what the asset is. Most trustees have a network in place to funnel out whatever they can take and sell because exemptions can't protect the asset.

Are you going to lose assets if you file (or are you losing assets because you filed?)

[keepmine]

A few weeks ago, trustees here announced they were taking sealed bids on some luxury cars and boats. Had a contact number for info where to inspect them.

[monkatom]

Sorry to threadjack but I am giving up some stuff in BK that I could not exempt does that make the case harder?

[lrprn]

Sorry to threadjack but I am giving up some stuff in BK that I could not exempt does that make the case harder?

Not harder, but often being an asset Ch 7 does make your case last longer until the assets are sold and the money distributed to creditors. Your case can't be closed until that is done.

[monkatom]

Thanks we have our 341 today so I am little jumpy. Only assets on the table are a 1000 savings bond, 1200 of tax return and a time share. Attorney says they will not take the time share. Will they take the other two as my debt is 125K so it will not make any dent?

[FreshLikeADaisy]

Well, the non-exempt liquid assets (like the tax return) are gone regardless; they will take them even if not a single penny gets back to a creditor. I think the reason the atty is saying the trustee is going to abandon his interest in the time share is because it would probably be difficult to unload, but anything liquid... fuhgeddaboudit.