California Bankruptcy Exemptions
The purpose of bankruptcy is to provide people in financial overwhelm with a legal way to eliminate their debts and get a new start in life. Most individuals filing bankruptcy will do so under Chapter 7 or Chapter 13. Chapter 7 involves the liquidation of assets to pay creditors. After your creditors have been paid either fully or in part, any remaining debts will be discharged and you will no longer legally owe them any money.
Many people mistakenly believe that Chapter 7 requires the liquidation of all of their property, when in fact a debtor can chose one of two categories of asset exemptions. This is a different program than the Federal Bankruptcy Exemption System, although some federal exemptions may still apply in this state.
Bankruptcy laws can be difficult to understand, and the civil codes outlining exemptions can make the filing process even more confusing. Contact a Cerritos bankruptcy lawyer if you are considering bankruptcy to determine if this is the most optimum solution for your financial difficulties. An experienced attorney can discuss the advantages and disadvantages of Chapter 7, as well as which set of exemptions should be chosen for your particular circumstances.
Bankruptcy Lawyer in Cerritos
When your debts are out-of-control, bankruptcy can often be the best way to overcome your financial burdens. If you chose to file for Chapter 7, it is strongly recommended that you consult with a qualified lawyer to clarify what assets you can keep, and which properties must be liquidated.
Depending on the exemption category you chose, you may be entitled to retain:
- Occupied real or personal property
- Child Support
RJB Law Offices is highly experienced in Chapter 7 and Chapter 13 bankruptcy cases and can provide competent legal counsel regarding asset exemptions. We will ensure that all appropriate legal measures are taken to provide maximum protection of your rights and property.
Contact a Cerritos Bankruptcy Lawyer from our firm if you are considering bankruptcy to get qualified legal counsel and asset protection.
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