If I File for Bankruptcy, Will I Lose all my Properties? One of the most common concerns of those considering personal bankruptcy is whether they will lose everything they have worked so hard for. It can be hard to think of all your assets being sold to pay debts, particularly if you are facing bankruptcy through no fault of your own, such as when you have been unemployed for a long period of time or have suffered serious medical issues.
Thankfully, bankruptcy law provides protections for debtors so that they can receive the fresh start to which they are constitutionally entitled. A certain percentage of your property is considered exempt according to the law, meaning that it cannot be used to pay debt. California has two sets of bankruptcy exemptions, and our Los Angeles bankruptcy lawyer can help you determine which may be best for your personal and financial situation. Exemptions apply to both chapter 7 bankruptcy and chapter 13 bankruptcy and in many cases can protect all your property. You may be entitled to keep a percentage of the equity in your home and your car, your jewelry, family heirlooms, furnishings, personal property, and your 401k or pension plan. Bankruptcy is a complicated procedure, but it does not have to be an intimidating one. Although you may feel overwhelmed, our bankruptcy attorney has guided many others through this process and can help you, too. If you are facing overwhelming amounts of debt, do not avoid filing for bankruptcy out of the fear that you will lose everything. The fact is that many people emerge from bankruptcy losing only their burden of debt, and you may be one of them. If you would like to learn more about your options for personal or business bankruptcy, contact our bankruptcy attorney in California today to schedule your consultation. Source: Bankruptcy Attorney Los Angeles Back to Blog |
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