If it can be proved that all your assets are exempt, then the US trustee won't be able to sell them off.

According to a website, a Chapter 7 bankruptcy involves a Trustee selling some of the bankrupt person's assests, deemed non-exempt during the filing of the bankruptcy. Yet, at the Sacramento, California Self-Help Legal Center, a legal representative filed all of my Chapter 7 bankruptcy assets as completely exempt. In that case, therefore, what kinds of assets, or non-assets, for that matter, could the Trustee possibly have sold on my behalf in order to pay for the debts?

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Means testing "refers generally to the eligibility for relief for debtors who have sufficient financial means to pay a portion of their debts." The means test is perhaps best recognized in the United States as the test used by courts to determine eligibility for Title 11 of the United States Code Chapter 7 or Chapter 13 bankruptcy.

In 2005, the United States substantially changed its bankruptcy laws, adding a means test to prevent wealthy debtors from filing for Chapter 7 Bankruptcy.

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What is the "means test?"

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Yes, you're right! Your digittal piano comes under exempt proprty as long as you are a professional musician and depend on it. Just wanted to know whether or not you've passed the "means test" and successfully filed Chapter 7 petition as the question of exempt and non-exempt property would only come after these. Did you consult with a bankruptcy attorney? Nowadays, there are many attorneys who offer free initial counseling. Try to reach out to them.

Please let us know if there is anything else you want to know.

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With no car, house, or expensive jewelry, what possibly could be my assets? My digital piano cannot be made non-exempt because I am a professional musician.

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See, everything varies from individual to individual! Perhaps, the Trustee found all your items as exempt. Until you provide us with details regarding your assets, we are unable to provide you with a satisfactory answer.

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If your legal representative can substantially prove before the bankruptcy court that all your assests are exempt, then the bankruptcy trustee is most unlikely to sell your assets to pay off the debt.

Some examples of exempt property are given below:

1. Motor vehicles, up to a certain value.
2. Reasonably necessary clothing.
3. Reasonably necessary household goods and furnishings.
4. Household appliances.
5. Jewelry, up to a certain value.
6. Pensions.
7. A portion of equity in the debtor's home.
8. Tools of the debtor's trade or profession, up to a certain value.

 


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