Understanding Asset Liquidation
When you reach a breaking point in your finances, bankruptcy may be the best option for you and your family. If you are unable to make regular payments on things like your home and vehicles, and if your debt is continually increasing with no end in sight, bankruptcy may be able to help you eliminate some or all of your debt and take steps toward regaining financial independence. Sometimes, asset liquidation is part of the bankruptcy process, in which some or all of your main assets are exchanged for expunging your debts. Understanding asset liquidation properly can help you prepare for aspects of Chapter 7 bankruptcy.
If you or someone you know is considering filing for bankruptcy, contact an experienced Chicago bankruptcy lawyer with your questions and concerns. At the Law Offices of Stuart B. Handelman, our experienced attorneys are ready to assist you with this process, and explain all of the details of asset liquidation and your personal options. Contact us today by calling us at 312-360-0500.
What Assets Can be Liquidated?
As a part of Chapter 7 bankruptcy, some of a debtor’s assets can be liquidated in exchange for a removal of some or all of his debt. Examples of assets that can be liquidated include:
- Vehicles
- Home
- Stocks/investments
Other assets, such as funds set aside for a child’s education can be exempted from asset liquidation, which can provide some comfort to a debtor.
Contact Us
The regulations for asset liquidation are handled on a case-by-case basis, so it’s important to consult with an attorney if you are considering filing for bankruptcy. Contact the experienced Chicago bankruptcy attorneys of the Law Offices of Stuart B. Handelman today by calling 312-360-0500.
