A is for Assets

General bk | 25. Nov, 2011 by | 23 Comments

We start the list with the letter A for assets.

Assets, for bankruptcy purposes, include all tangible and intangible items you own or have an interest in which have some value. So physical things like cars, real estate, furniture, jewelry, etc., just about anything you own and can touch needs to be listed as an asset. Intangible assets are things like bank accounts, retirements, and the rights to receive future payments. These also need to be disclosed in your bankruptcy.

Even things with little to no value need to be listed as assets. For example, if you have a house whose mortgage is worth more than the house, you still need to list the house as an asset even though it can’t generate enough money to pay any creditors besides the mortgage. Another example is term life insurance, which has no value until you die, but is still an asset and needs to be disclosed.

For bankruptcy purposes, it is better to err on the side of disclosing more than less. If an asset is listed and the trustee chooses not to sell it, you can keep it. If it wasn’t disclosed, the trustee can still come back years later and sell it to satisfy your creditors.

For other A bankruptcy terms: Abandonment – Consumer Help Central
Adversary Proceeding – Philadelphia Bankruptcy Lawyer, Kimberly Coleman
Assets – Marin County Bankruptcy Attorney, Catherine Eranthe
Assume – Northern California Bankruptcy Lawyer, Cathy Moran
Assumption – Los Angeles Bankruptcy Lawyer, Mark J. Markus
Assumptions – Newnan, Georgia Bankruptcy Lawyer, Rick Palmer
Attorney – Law Offices of Daniel J. Winter
Automatic Stay – Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Automatic Stay – Connecticut Bankruptcy Lawyer William E. Carter
Automobiles – Colorado Springs Bankruptcy Lawyer Bob Doig
Avoidance – Ormond Beach Bankruptcy Attorney, Lewis Roberts
Arrest – Cleveland Area Bankruptcy Attorney Bill Balena
Alimony – Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Ask – San Francisco Bankruptcy Attorney, Jeena Cho
Assumption – Taylor Michigan Bankruptcy Attorney, Christopher McAvoy
Abuse – Wisconsin Bankruptcy Lawyer, Bret Nason
Assets – Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Application – Lakewood, CA Bankruptcy Attorney, Christine A. Wilton
Automatic Stay – Chicago Bankruptcy Attorney, Kyle A. Lindsey
Amendment – Miami Bankruptcy Attorney, Dorota Trzeciecka
Advantages – Ohio Bankruptcy Lawyer, Athena Inembolidis
Abuse-Pittsburgh Bankruptcy Attorney, Shawn N. Wright
Automatic Stay-Livonia Michigan Bankruptcy Attorney, Peter Behrmann
Avoidance of Preferential Transfers-St. Louis, Missouri Bankruptcy Attorney, Nancy Martin
Address-Tuscaloosa and Birmingham Bankruptcy Lawyer, Melinda Murphy Dionne
Attachment-Vermont-New Hampshire Bankruptcy Lawyer, Michelle Kainen
Automatic Stay-Houston Bankruptcy Attorneys, Busby & Associates
Automatic Stay-Connecticut Bankruptcy Lawyer William E. Carter
Automatic Stay-Birmingham Bankruptcy Attorney, Elizabeth Johnson

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