What is Asset Liquidation?
Depending on the form of bankruptcy that a person files for, he or she may liquidate assets in order to repay debts. This is most commonly done in Chapter 7, while it is rarely, if ever, done in Chapter 13 – two of the most common forms of bankruptcy. Asset liquidation is the process of selling, also known as liquidating, his or her assets in order to pay back debts owed to various creditors. The number of assets that one must liquidate will vary, based on a person’s debt, but generally, property assets are the first to be liquidated, as they are usually worth the most.
If you or someone you know is filing for bankruptcy and has questions about asset liquidation, contact the experienced Raleigh bankruptcy attorneys at the Bradford Law Offices, PLLC, today by calling us at 919-758-8879.
Assets to Liquidate
Many of one’s assets can be liquidated in order to pay back debts. Some assets that you can liquidate include those like:
- Personal Belongings
Liquidating these assets might help a person easily pay back some or all of the debt that is owed to various creditors. However, a person may not want to liquidate these assets, causing them to wonder how to protect their property. Fortunately, an attorney can discuss exemptions and other options with you, helping you figure out what may need to be liquidated.
If you or someone you know is going through bankruptcy and would like to know more about the asset liquidation process, contact a qualified Raleigh bankruptcy attorney of the Bradford Law Offices, PLLC, today at 919-758-8879.