My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Starting a Business

After filing bankruptcy, what does it mean when the trustee files a motion requesting denial of exemptions?

min read
Opinions expressed by Entrepreneur contributors are their own.
In a bankruptcy matter, the trustee has the right (and the responsibility) to review the bankruptcy petition--ensuring that the rights of the debtor (you) and the rights of creditors are fairly balanced.

Among the things the trustee will look at is the listing of certain property that a debtor claims is "exempt" and therefore not available to pay the claims of creditors. It's entirely possible that information came to light during a meeting of creditors that made the trustee want to reconsider some of the property you listed as exempt.

As a result, the trustee's motion will probably point out the property that you claimed was exempt, argue to the court that it should not be exempt, and therefore should be available to pay the claims of your creditors.

As you are represented by counsel, make sure the counsel fully explains to you these procedures and their ramifications should the trustee win the motion.

More from Entrepreneur

Brittney's a Certified Financial Planner who can help you manage your business and personal finances and navigate the ups and downs of starting a business.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.
Start My Plan

Latest on Entrepreneur