After an individual files for bankruptcy, the court will assign a trustee to the case. The job of a trustee is to make payments to creditors with liquidated assets in a Chapter 7 bankruptcy or make payments to creditors as arranged through a chapter 13 settlement agreement. In both Chapter 7 and 13 bankruptcies, certain property is protected from the process known as bankruptcy exemptions. Typically these include exemptions for a home, automobiles and retirement accounts. When it … [Read more...]