If, at the conclusion of the meetings of creditors, the bankruptcy trustee decides you have nonexempt assets, you may be required to either turn over those assets or provide the trustee with its equal value in payments. If the assets isn't worth very much or would be difficult for the appointed trustee to sell, your trustee may "abandon" the property -- which means that you don't have to surrender it, even though it is not exempted in full. Your bankruptcy attorney will advise you if this is the case.
Most property owned by Chapter 7 debtors is either fully exempt or is essentially worthless for purposes of giving money for the creditors. Therefore, few clients end up having to handover any property, unless it is collateral for a secured loan.
For information on our bankruptcy services or to speak with one of our Grand Rapids bankruptcy lawyers, feel free to give us a call at (616) 920-0555.
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