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At the moment the court receives the petition, and gives it a docket number, all the debtor(s)' assets are "frozen" as they become property of the bankruptcy estate, administered by the trustee. In a Chapter 7, if the trustee files a finding of no assets, which mean the trustee accepts all exemptions claimed by the debtor(s) and there are no assets to be sold to satisfy the creditors, the property is available once more to the debtor.

In a chapter 13, the freeze continues until the plan is approved except for regularly occurring payments for utilities, food, etc.

In both cases, if the case is dismissed, the property is also unfrozen.

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16y ago

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