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Samuel- Woodland Hills, CA
My wages were being garnished, and I was getting sued by creditors. I could not pay my debts to credit card companies. Hamid Soleimanian filed a chapter 7 bankruptcy for me and stopped my wages from b...
Samuel- Woodland Hills, CA



Bankruptcy Lawyer

Can you Minimize the Amount of Assets Turned to the Trustee?

Can you Minimize the Amount of Assets Turned to the Trustee?Bankruptcy can be an emotional proceeding, particularly when it comes to thinking about having to turn over your assets to the bankruptcy trustee. The bankruptcy trustee’s job is to liquidate those assets in order to pay some of your debts. Wanting to protect your assets may be an instinctual reaction, but you must do so within the confines of the law in order to ensure your bankruptcy proceeds without unnecessary delay. Consulting with our Los Angeles bankruptcy lawyer before filing can help guide you through the process and ease your burden of stress.

The two most common forms of personal bankruptcy are chapter 7 bankruptcy and chapter 13 bankruptcy. Both allow debtors to protect a certain percentage of their assets through bankruptcy exemptions. Exempt assets often include a portion of the equity in your home, retirement accounts, life insurance, your vehicle, personal property, jewelry or heirlooms, and more. The state of California offers debtors two sets of exemptions. Our bankruptcy attorney can help you determine which can help you protect the most of your assets.

Many people try to protect their assets by either transferring them before filing or by omitting them from their bankruptcy forms. Concealing or transferring assets may temporarily protect them, but it also carries with it the risk of prosecution for bankruptcy fraud, which is a federal crime. Recovered property will then be subject to liquidation to pay debts. Even if the recovered funds or personal property might have been considered exempt before, it will no longer be so once it is recovered. Bankruptcy fraud is considered a felony and carries with it penalties of up to five years in prison and fines of up to $250,000.

If you have concerns about how best to protect your assets in a personal or business bankruptcy, contact our experienced bankruptcy attorney in California to schedule your consultation.

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