If you have non-exempt assets that you want to keep your may want to consider filing chapter 13. In a chapter 13 plan you keep your exempt and non exempt assets.

Answer Applies to: California
Replied: 12/21/2011

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Generally the non-exempt assets are sold by the trustee and then the money goes to pay the trustee and your creditors, but the trustee may be willing to make a deal with you. Your attorney should check with him and see, or if you are trying to represent yourself, call and make him an offer. All they can say is no!

Answer Applies to: Michigan
Replied: 12/21/2011

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You should speak to your trustee.

Answer Applies to: Florida
Replied: 12/21/2011

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Non-exempt assets will likely be sold to a third party in order to bring cash into the bankruptcy estate to satisfy your debts. If that happens you will need to negotiate with someone otherwise unrelated to your bankruptcy case to buy back your assets. As with buying anything from a private party you will be somewhat at their mercy with regard to (a) availability, (b) willingness to sell to you, and (c) price.

Answer Applies to: Massachusetts
Replied: 12/21/2011

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Not likely, the trustee will auction them off as soon as he can to distribute to creditors. You can request a payment plan for those non exempt assets, in which case it is up to the trustee.

Answer Applies to: New York
Replied: 12/21/2011

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Only if you can somehow track down who bought them. Traditionally, when you file, the trustee will gather your non-exempt assets and, with the help of an auctioneer, sell them. Some trustees now using electronic auction services like Proxibid and others but regardless, the property must be sold to distribute to your creditors before the case is closed. Mind you, this can be after you have received your discharge but the case is still open if the trustee is selling assets.

Answer Applies to: North Carolina
Replied: 12/21/2011

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Any non-exempt assets which the trustee does not administer belong to you after the bankruptcy. Otherwise, the trustee might administer them - sell them for your creditors. Frequently you can negotiate a deal with the trustee to keep your non-exempt assets in exchange for post petition payments.

Answer Applies to: Illinois
Replied: 12/21/2011

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Yes, it will be too late to get your non-exempt assets after you file bankruptcy. Remember, bankruptcy is federal law governed by legal rules and procedures. You'll find using an attorney will get you a better result.

Answer Applies to: Colorado
Replied: 12/21/2011

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Buy your non-exempt assets? There is no such thing (in rare cases you may be able to negotiate a settlement over some assets with the trustee, but this requires skilled advance and ongoing planning . Before you further screw up, get a lawyer.

Answer Applies to: Georgia
Replied: 12/20/2011

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If you have non exempt assets the trustee may not even bother to sell them if administratively it would be too difficult and no enough money involved to be worth it. It is hard to say since I don't know what assets you are talking about. The better method if you think a trustee will take a non-exempt asset may be to do a little bankruptcy planning and sell the asset before filing. It would have to be through an arms length transaction for fair market value to a disinterested party. You would also have to wait a certain period of time before filing depending on how much is involved. To answer your question you would most likely not be able to buy back an asset after your bankruptcy is over.

Answer Applies to: New York
Replied: 12/20/2011

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If you have non-exempt assets then they will no longer belong to you after you file for bankruptcy. The trustee will liquidate the assets and pay creditors from whatever he gets for them. There might be some things the trustee will not want because the cost of selling them is too much or not worth it and you might get to keep those but anything of value will be gone unless you pay the trustee the value of the property you were not able to exempt to buy it back.

Answer Applies to: California
Replied: 12/20/2011

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If you file a chapter 7 and you have non-exempt assets, the trustee MIGHT make a deal with you and allow you to pay the agreed upon amount over several months. Of course this will depend on your ability to pay. My advice is to see an attorney first BEFORE you file your case.

Answer Applies to: California
Replied: 12/20/2011

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Not clear what you are asking. Exempt assets are not marshaled by the Trustee so you have possession of them at all times. Non-exempt assets are marshaled and sold at auction or are abandoned. If they are abandoned by the Trustee you may reclaim them.

Answer Applies to: Illinois
Replied: 12/20/2011

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The non-exempt assets are part of the bankruptcy estate. The only way you could get them back is if the trustee decides to abandon the assets.

Answer Applies to: Maryland
Replied: 12/20/2011

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Those arrangements should be made during the bankruptcy proceeding.

Answer Applies to: Florida
Replied: 12/20/2011

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If there is no exemption according to Bankruptcy code then the Trustee may not allow it.

Answer Applies to: Georgia
Replied: 12/20/2011

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That depends on how soon you can come up with the money and how long the Trustee is willing to wait before selling the assets to someone else.

Answer Applies to: Colorado
Replied: 12/20/2011

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You have to work out a deal with the trustee. If you have non exempt assets you have to work out an arrangement with the trustee.

Answer Applies to: California
Replied: 12/20/2011

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