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Abandonment

Definition

Removal of assets from the bankruptcy estate.


Learn more about "Abandonment"


When the trustee abandons assets (often this is noted in their Report of No Distribution) it does not affect the filer’s ownership interest in the property. Rather, it signals to the court and the filer that there are no valuable assets that can be sold for the benefit of creditors.

Abandonment does not affect collateral for secured debts, such as a car securing a car loan.

Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families who cannot afford lawyers file bankruptcy for free, using an online web app. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations. It's one of the greatest civil rights injustices of our time that low-income families can’t access their basic rights when they can’t afford to pay for help. Combining direct services and advocacy, we’re fighting this injustice.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.

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