How Asset Liquidation Can Affect You
In some forms of bankruptcy, a process called asset liquidation occurs. This process occurs when a debtor decides to “liquidate” assets to remove his or her debt, which means that a debtor relinquishes possessions of certain assets in exchange for the reduction or removal of debt. Asset liquidation is one of the most popular forms of debt reduction, and is most often associated with Chapter 7 bankruptcy. Chapter 7 bankruptcy is a popular form of bankruptcy as well, because it can be filed for by both businesses and individuals, so many people have undergone asset liquidation.
If you or someone you know is facing bankruptcy and may be considering asset liquidation as a way to remove certain debts, contact the experienced Chicago bankruptcy lawyers of the Law Offices of Stuart B. Handelman today by calling us at 312-360-0500.
Assets that Can be Liquidated
Not all of your assets can be liquidated, just like not all debts can be removed through the bankruptcy process. Assets that can be liquidated include:
- Homes
- Vehicles
- Stocks / bonds / other investments
- Property
These assets undergo liquidation fairly frequently in the United States, to eliminate debts such as mortgages, vehicle payments, and credit card payments. Although not every asset can be liquidated, asset liquidation can be an excellent way to consider reducing your overall debt.
Contact Us
If you or someone you love is contemplating bankruptcy and is considering Chapter 7 asset liquidation, contact the experienced Chicago bankruptcy lawyers of the Law Offices of Stuart B. Handelman today at 312-360-0500.
