Legal Question in Bankruptcy in Nevada
What happens to our inventory when we file chapter 13?
Asked on 1/19/11, 4:51 pm
1 Answer from Attorneys
Unless your inventory is exempt, it becomes part of what is called your "liquidation value." This means that you must pay the Trustee additional money to compensate your unsecured creditors for the unprotected value of this property.
Your own attorney should be explaining these things to you as part of the fee for the services provided. If you don't have an attorney, the questions you don't know to ask will be the ones that will result in your Plan failing. I would urge you to hire an experienced Chapter 13 attorney.
Answered on 1/25/11, 8:19 am
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