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As a fairly consistent policy in all jurisdictions, trustee auctions
are limited to cases involving significant assets. Most Chapter 7 cases
are deemed No Asset cases and rarely require forfeiture or seizure. In
larger cases however, and in cases filed by corporations or
partnerships, trustee sales and auctions do occur with regularity.
After filing bankruptcy, most individuals claim an exemption for all
important assets. Most trustee auctions of an individual's assets
indicate either a large estate, or negligence in some aspect of
disclosing, claiming, or exempting assets. Careful planning, with a keen
eye trained on legal compliance, prevents seizure in the great majority of
Chapter 7 cases filed by individuals.
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