The court appoints an impartial third party referred to as the trustee. It is the trustee's job to examine your case, determine if you are eligible for relief according to the chapter under which you filed and determine if there are any assets available to pay creditors, including any assets you may have that are not otherwise exempt. For example, your equity in homestead is exempt property up to a certain value. If there is any value beyond that figure, that excess equity is considered an asset. A trustee who locates assets has the right to seize and sell them to use the proceeds to repay a portion of your debt. It is rare for you to not be able to exempt your assets and if you do have assets beyond your exemptions, the trustee usually will allow you to pay a sum to keep the assets.
Jurisdictions across the United States added limited liability companies (LLCs) to their business and corporations codes in order to provide many of the benefits of incorporation - while giving entrepreneurs the flexibility to design entities that met the particular needs of their business models and ownership structure. To that end, most states give LLC organizers a modicum of freedom when it comes to defining the organizational structure of their proposed businesses.
Mediation should be a smooth process that results in a mutually acceptable divorce agreement. However, mediation can be derailed if one or both spouses are not prepared for the process, do not properly disclose all relevant information or refuse to accept the mediator's guidance.
Seller financing occurs when a seller helps to finance a real estate sale. It is usually used when the buyer has trouble meeting the purchase price or can't otherwise qualify for a conventional loan. This process is different from a traditional loan, because the seller doesn't give the buyer cash for the entire price as a typical lender would to make the purchase.