A Bankruptcy and Debt Relief Lawyer and Attorney Andy Miofsky

2249 Pontoon Road, Granite City Illinois 62040


An Illinois Bankruptcy Lawyer and Attorney 618-931-1313 Offering Chapter 7 and Chapter 13 Bankruptcy Attorney information in Madison, St Clair & Southern Illinois counties

Assets

Assets are every form of property that is owned by the debtor.  It includes things you have, things you can hold, things you bought, things you can sell.  I like to think of it as 'Your Stuff'.  It also includes intangible things like the right to sue someone, business goodwill and stock options.  The debtor must disclose all assets on the bankruptcy schedules.  Assets become property of the bankruptcy estate upon filing.  A debtor may remove assets from the estate by applying exemptions to certain property.  Exempt property is not part of the bankruptcy estate.

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