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What are non-exempt Mesa bankruptcy assets?

June 07

Q: What are non-exempt Mesa bankruptcy assets?

My soon to be ex is filing chapter 7 bankruptcy and owes my parents on a promissory note, I need to prove he has assets through a business he owns with his brother.

A: A non-exempt asset is an asset that is subject to seizure by the trustee. Each state has a set of its own exemptions. If you believe your soon to be ex has assets that may allow your parents to recover a portion of the promissory note, you should urge them to consult with an experienced attorney in the state in which they live to review their options. If your soon to be ex does have non-exempt assets, the value of those assets will be disbursed to all of his creditors. It will be highly unlikely that your parents would recover all of the debt unless his asset to debt ratio is roughly even.

* You and I do not have an attorney-client relationship formed by our communications on this website. Advice given by me on this website is general advice based on partial information. You should not rely on any advice given without first hiring a lawyer in the area where the case is pending, and providing that lawyer with full information.

Answered by Candace E. Kallen, Mesa Bankruptcy Lawyer.
Re-Posted from AVVO Legal Questions and Answers.

 

Posted by on June 7, 2012 in Arizona

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