Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
In general, assets are all real and personal property a debtor owns that can be sold. There is a list of property that is exempt (protected) from the Bankruptcy estate, which you can see here: http://le.utah.gov/~code/TITLE78B/htm/78B05_050500.htm
and here: http://le.utah.gov/~code/TITLE78B/htm/78B05_050600.htm.
Anything not on this list can be taken by the Bankrutpcy court. However, the debtor is usually given the option to pay - over a period of time - the value of the assets to be allowed to keep them. The value is the price those items could realistically sell for in a yard sale, not what was paid for them.
I think this is what you wanted to know. If not, please let me know.Thank you!
That is up to the Bankruptcy trustee, who gets 10% of the value of all assets that he gathers and sells - and each trustee is different.
However, in general, you can expect to be able to keep anything that has a value of less than $50 - $100, because it would not be worth it for the trustee to spend time gathering and selling assets for less than that amount. Some trustees sell assets online, and some have auctions.
Anything that you need for work - including a computer - is covered under "Tools of Your Trade", for which there is a $3,500 Bankruptcy exemption. This means you can keep your computer (as long as it cannot be sold for at least $3,500).
Please don't forget to hit the "ACCEPT" button.
Thank you for accepting my answer! And thank you for the bonus!
The Bankruptcy court cannot take your wages going forward - after the Bankruptcy is filed. However, the court can take 25% of any wages (the net, take-home portion) that are earned and not yet paid at the time the Bankrutpcy is filed.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).