What happens to StormX's assets after Chapter 7 bankruptcy?

After filing for Chapter 7 bankruptcy, StormX's assets will be liquidated to repay creditors. Here's a step-by-step process of what will happen to its assets: 1. **Asset Liquidation**: The bankruptcy court will oversee the sale of StormX's non-exempt assets to pay off creditors. This includes the potential sale of its cryptocurrency assets, such as the STMX token. 2. **Trustee Appointment**: A trustee will be appointed to manage the liquidation process. The trustee's role is to convert StormX's assets into cash and distribute the proceeds to creditors. 3. **Valuation Challenges**: The valuation of cryptocurrency assets, such as the STMX token, can be challenging due to their volatile nature. The market price at the time of filing will be used to determine their value, but rapid price swings can complicate the process. 4. **Distribution of Proceeds**: Once the assets are sold, the proceeds will be distributed to creditors according to the priorities established by the Bankruptcy Code. This typically includes secured creditors, unsecured creditors, and finally, the debtor, if any property remains. 5. **Discharge of Debts**: After the assets have been liquidated and distributed, StormX will receive a discharge of debts, which means it will no longer be liable for certain debts. However, this discharge does not apply to debts that are not dischargeable, such as child support, alimony, and some tax debts. 6. **No Asset Status**: StormX's bankruptcy petition indicates a "No asset" status, suggesting that there may be minimal leftover assets to distribute. This could mean that the creditors may not receive full repayment of their debts. In summary, StormX's assets will be liquidated to pay off creditors, and the company will receive a discharge of debts. The exact outcome for StormX's assets and creditors will depend on the sale of assets and the distribution of proceeds by the trustee.