What happens if I want to keep some non exempted assets? 25 Answers as of January 21, 2013

I have filed for bankruptcy and was able to exempt my vehicle, but I am worried about other assets that were not claimed as exempt. Is there other paperwork that I can file to keep more property? What will happen if these items are never exempt?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
You can reaffirm specific debts to keep the non-exempt property.
Answer Applies to: Washington
Replied: 8/25/2011
Heupel Law
Heupel Law | Kevin Heupel
You can exempt certain type of assets such as retirement, household items, jewelry, etc., but if it is not an exempt asset and you want to keep it, then you need to “buy” the asset from the trustee. For example, if you own a timeshare that commonly sales on e-Bay for $1,200, then you have to pay $1,200 to the trustee in order to keep the timeshare.
Answer Applies to: Colorado
Replied: 8/9/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
If the trustee is interested those assets you may have to convert to Chapter 13. In chapter 13 you pay the value of those assets to the Chapter 13 trustee. First make sure you have maximized the exemptions you are entitled to before you convert.
Answer Applies to: California
Replied: 8/1/2011
Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
If you cannot exempt something, the trustee will move to sell it to generate cash to pay off some of you debts. You might be able to offer a cash payment in lieu of the forced sale, but if you filed a chapter 7, you are likely stuck with the consequences.
Answer Applies to: Michigan
Replied: 7/29/2011
Apple Law Firm PLLC
Apple Law Firm PLLC | David Goldman
You can always agree to purchase some assets or leave them out of the bankruptcy if they are liens or loans on them that you will continue to pay. Talk about the specifics as there are different ways of dealing with different assets.
Answer Applies to: Florida
Replied: 7/29/2011
    Law Offices of John J. Ferry, Jr.
    Law Offices of John J. Ferry, Jr. | John J. Ferry, Jr.
    Non-exempt assets can be sold by the trustee to pay claims. However, the trustee can choose to abandon non-exempt assets if he or she doesn't think it is worth the trouble and expense of selling them. You should discuss this with your attorney. Exemption planning can be an important part of how the petition is prepared.
    Answer Applies to: Pennsylvania
    Replied: 7/28/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    Items not exempt are subject to being taken by the trustee and sold to pay your debts. You will probably have the opportunity to buy those back from the trustee for a very reasonable amount since the trustee would rather have your cash than your property. Obviously you should claim all the exemptions legally available. It the amount unexempt is too great to buy back in one payment then you should have considered a Chapter 13 where you can pay the creditors the value of the unexempt property in a Chapter 13 Plan over up to 5 years. If necessary you can convert a Chapter 7 to a Chapter 13 with permission of the court if you otherwise qualify for Chapter 13.
    Answer Applies to: California
    Replied: 7/28/2011
    Lewis Adams and Associates
    Lewis Adams and Associates | Lewis P. Adams
    Not all property is exempt under the law. Nonexempt assets are available for the Chapter 7 Trustee to sell. However, if the assets have nominal value or will bring little to the estate for disbursement to creditors, the trustee will likely abandon the property to you. $100 in combined nonexempt assets may not be sufficient, but $1,000 in combined assets might be and value is what it will sell for, typically at auction.
    Answer Applies to: Utah
    Replied: 7/28/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    It depends on what chapter you are filing. In Chapter 7, the Trustee can sell any non-exempt assets. Typically this is not done unless it is over a certain amount, and you can usually negotiate with the Trustee to "purchase" the asset from him/her in the event they are going to sell it.
    Answer Applies to: California
    Replied: 7/28/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    It sounds like you made a foolish and expensive mistake - filing pro se. You cannot keep non-exempt assets (and a lawyer would have explained that) except that in cases where the assets are tiny in value it is possible a trustee might abandon them or let you buy them. If you had used counsel, there is a good chance you could have exempted more than a pro se debtor. There are a few tricks as to how to best characterize property and how to best use a wild card that might save assets. Also there may be legal mistakes in your valuations. In many cases the legal fees from your lawyer are less than the cost of what you lose. See a lawyer now to run your numbers.
    Answer Applies to: Georgia
    Replied: 7/28/2011
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    You should consult a bankruptcy attorney or you will lose those assets
    Answer Applies to: New York
    Replied: 7/28/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Non-exempt assets are property of the bankruptcy estate and will be sold by the trustee. You can offer to buy non-exempt assets, using your exempt assets or other sources of funds such as borrowing money from family.
    Answer Applies to: California
    Replied: 7/28/2011
    Dan Shay Law
    Dan Shay Law | Daniel Shay
    The trustee can take the items and sell them and give the money to the creditors in a Ch7. However, if it is minimal (including cost of sale) The Trustee may abandon the asset. Or you can give The Trustee cash if he is trying to take it and you want to keep it. In a Ch13 you can normally keep the non-exempt assets if you pay for them in the plan.
    Answer Applies to: California
    Replied: 7/28/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    If, after evaluating the value of your property compared to the exemptions, there aren't enough exemptions to cover your assets, you may be required to surrender the property in bankruptcy in which case the trustee will take the property and sell it as part of the bankruptcy estate, or you may be able to keep the property if you pay the trustee the equivalent market value of it.
    Answer Applies to: California
    Replied: 7/28/2011
    Law Office of Harry L Styron
    Law Office of Harry L Styron | Harry L Styron
    You should amend your schedules to accurately list the property you claim as exempt. If you fail to make a claim of exemption you waive it.
    Answer Applies to: California
    Replied: 7/28/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    Talk to a bankruptcy attorney
    Answer Applies to: California
    Replied: 7/28/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    If the Trustee believes that your non-exempt assets are worth the time to take and sell, he or she can take those assets unless you pay the Trustee the value of the non-exempt assets you are keeping.
    Answer Applies to: Colorado
    Replied: 7/28/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Non-exempt property is property of the bankruptcy estate for liquidation for the benefit of creditors of the estate. I sincerely hope that you know how to use the exemptions and if you are not, you should seek legal counsel.
    Answer Applies to: Indiana
    Replied: 7/28/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    If you filed in VA, you only have 5 days from the 341 to file your Homestead Deed to exempt assets. Assets are listed on Schedule B and Exemptions on C. Your petition must list everything, and you can amend. As to non-exempt assets, I need more info. If truly not exempt, the trustee can sell them to pay creditors.
    Answer Applies to: Virginia
    Replied: 7/28/2011
    R. Steven Chambers PLLC | R. Steven Chambers PLLC
    The bankruptcy trustee will decide whether he wants to sell your non-exempt assets. If he does decide to sell them, you might be able to work out an arrangement with the trustee to buy those assets back from him. Make sure you have claimed all the exemptions to which you are entitled. Most household furnishings, such as washers, dryers, stoves, microwaves, furniture, beds, clothing and food storage, to name a few, are exempt. Retirement accounts are also exempt, with some limitations.
    Answer Applies to: Utah
    Replied: 1/21/2013
    Braunstein Law, PC
    Braunstein Law, PC | Jacob Braunstein
    The answer may depend partially upon which chapter of bankruptcy you have filed, and what type of asset you are trying to keep. In a Chapter 7, the trustee may require a debtor to pay to the trustee the value of the non-exempt asset in order to keep the asset. In a Chapter 13, the value of the non-exempt asset may be paid into the Ch13 Plan over the life of the plan. matters addressed.
    Answer Applies to: Oregon
    Replied: 7/28/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    You can keep non-exempt assets, but you have to pay for them with post petition funds. This is very common. In Oregon, there is a $3,000 car exemption. So if you have a car that is worth $5,000 free and clear, you have to pay the court $2,000 for the car. This is typically done as installment payment for 10-12 months.
    Answer Applies to: Oregon
    Replied: 7/28/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Depending on the trustee and the dollar amount that is not exempt, the trustee can either not do anything as the expense to sell is greater than the net which can be recovered, or the trustee can take possession of them and sell them, or may offer to allow you to "buy them back" by paying the trustee rather than taking them and selling them.
    Answer Applies to: California
    Replied: 7/28/2011
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