yes this is usually what is done, as this is how the business may pay off some debts.
No, all your assets...and all your debts and obligations..are under the controll of the Court..as you asked!
If the value of the assets greatly exceed the allowable exemptions, then yes they can be seized.
No.
When filing bankruptcy all assets are placed in a bankruptcy estate. Some assets are allowed to be protected and qualify for an exemption by the trustee. Items that are placed in exemption are permitted to be sold, but the trustee should be notified prior to the sale.
Yes you can as long as the money made from the sale isn't spent on holidays and the like, it has to be spent on day to day living expenses or declared to the official reciever.
If you are in the midst of a bankruptcy proceeding the title to all your property is in the trustee. You can't sell any property. You should direct any questions to your attorney or to the trustee in bankruptcy.
Probably yes. The reason for the "probably" is that you don't file bankruptcy on specific loans... you file bankruptcy in general, and it applies to most debts (there are certain types of debts that are not dischargable in a bankruptcy). Note that if you do file bankruptcy, you may have to sell the vehicle. In bankruptcy you are often required to sell certain assets in an attempt to at least partially pay off your creditors; you're allowed to keep a certain amount of equity in a vehicle specifically, and a certain amount in "general assets" (which can be applied to a vehicle or to cash or other personal property), but if the vehicle is worth more than that, you would have to sell it.
This means you walk away with no assets. Meaning, if you have 2 cars and $100,000 in debt, after the bankruptcy, you give the cars to the court and they sell them to (partially) repay your debtors. In other words, you walk away with no assets and no debt. The court will do their best to find all of your assets, cars, house, etc. Anything they can find to sell.
Whatever they can sell to reclaim their losses. You may need to proceed with bankruptcy to protect other assets. Consult an attorney for specifics.
Sold is sold...so if the new owner wants to sell, sure..ut there is no right to.
Yes. It is an asset. It may have value. The bankruptcy court has the right to sell off most all of your assets to settle debts. Certain assets are protected or otherwise not subject to a sale as you will still need some basics. The laws for bankruptcy do vary by state so check with a bankruptcy attorney if you need precise answers that apply in your specific situation.
Yes.
The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is what happens to a party during the process. Parties undergoing chapter 7 bankruptcy must sell of their assets in an attempt to pay off dept. Chapter 11 allows for one to attempt to maintain their assets. During chapter 11 bankruptcy the party must negotiate with creditors to stay afloat.