FiCEP Certified Credit Union Financial Counselor (CCUFC) Exam

Under Chapter 7 bankruptcy, what happens to a debtor's non-exempt assets?

They are protected and returned to the debtor after discharge They are sold by a trustee and the proceeds are distributed to creditors They are transferred to the debtor's spouse They are frozen for five years until the court reviews the case

Correct Answer:

They are sold by a trustee and the proceeds are distributed to creditors

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