When a St. Louis Chapter 7 is filed, the case is administered by a Trustee. This person is appointedby the United States Trustee, which is a division of the US Department ofJustice. The Chapter 7 Trustee’s job is to determine if there are anyassets to be liquidated. If there are assets that the Trustee canliquidate, he/she will use the proceeds to pay towards the unsecured creditors that are to be discharged.
There are a number of typical assets thata Trustee might wish to administer upon in a St. Louis bankruptcy. These things would include an automobile or house that has a great deal of equity, a large tax refund, a bank account with a very high balance, or personal injury or workman’scompensation case that may result in a large settlement. But just becausethe Missouri Chapter 7 Trustee may believe that there is an asset that he/shehas a right to go after, this does not necessarily mean that you will loseownership of the property in question. There are opportunities to exempt the property so as to ensure that the Trustee will not get his/her hands on it, and there isalways the chance that some sort of deal can be reached wherein you buy-out theequity.
An experienced St. Louis bankruptcy lawyer will know exactlywhat can and cannot be exempt, and should be able to tell you precisely whichassets you own that are potentially at risk. The St. Louis bankruptcyattorneys at The Bankruptcy Company have been dealing with theChapter 7 Trustees in the Eastern District of Missouri and the Southern Districtof Illinois for years. We have the requisite knowledge and experience inhandling various scenarios that may arise, and have protected and/or saved tensof millions of dollars in assets. Our goal is to discharge all of your unsecured debt, give you the chance to keep all your property, and to do so at an affordableprice.
Call us at (314) 932-1067 or contact us through our website The Bankruptcy Company to set up your free consultation with our experienced St. Louis bankruptcy attorneys.