The Trustee for the bankruptcy filed by “Real Housewives of New Jersey” star Teresa Giudice has scheduled an auction of the couples non-exempt belongs to occur on August 22, 2010.
To encourage only legitimate buyers, a $300.00 deposit is required to attend.
A list of the items scheduled for auction along with pictures of the items can be viewed at the A. J. Willner Auctions website.
When an individual files for bankruptcy certain items of property are exempt from seizure and sale by the bankruptcy court. The debtor in a bankruptcy gets to keep the exempt items.
The non-exempt items can be seized and sold by the Trustee appointed to administer the bankruptcy and the proceeds from the sale goes to pay the claims of the unsecured creditors.
by Kevin Gipson, New Orleans, Louisiana bankruptcy lawyer.
