bjbj My name is Ron Drescher. I’m an attorney
practicing in bankruptcy and commercial litigation in Maryland, Pennsylvania, Delaware and Virginia.
And today I want to talk about what happens to your property and your assets when you
file for bankruptcy. Now what most people don’t really understand is that in effect
there are two cases going on in a typical bankruptcy case. One case involves you and
whether or not you’re going to get a discharge in the bankruptcy. Whether creditors can come
after you after you file to collect on their claims. But there’s a whole separate proceeding
involving your property. The assets that you bring into the bankruptcy case. Those assets
are subject to secured claims, the bank can take your assets if you stop paying and they
get permission from the Bankruptcy Court or the trustee can sell your assets to pay your
creditors. As long as he pays off all the secured claims and pays you all of your exemptions
that you’re entitled to. So while you’re going forward and trying to get a discharge, your
trustee is analyzing whether or not he wants to sell your assets to pay your creditors
or just let your assets go because after paying your secured creditors and paying you your
exemptions, there won’t be anything left to pay unsecured creditors. That’s a separate
analysis. And sometimes long after you’ve received a discharge in bankruptcy your trustee
is still analyzing what to do about the assets that you brought into bankruptcy with you.
This could be years after you’ve gotten your discharge. So you can’t wait around for the
case to be closed to get on with your life. Once you get a discharge, you’re moving forward
and none of your creditors can proceed against you. But your trustee may still be working
through your assets trying to maximize their value to pay unsecured creditors something.
My name is Ron Drescher. I’m an attorney practicing in bankruptcy and commercial litigation and
if you have a question about any of this I would love to hear from you. [email protected] [email protected] :py)
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