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Olivia - Oxnard, CA
Hamid Soleimanian settled my personal injury case for $390,000.00. I was well prepared to go to trial, and was my case.
Olivia - Oxnard, CA



Bankruptcy Lawyer

What Happens if I Have no Properties or Money to Turn Over?

What Happens if I Have no Properties or Money to Turn Over?When a person files for a straight bankruptcy, he or she is required to turn over certain assets to the bankruptcy court trustee and is then released from the responsibility of paying certain debts. Bankruptcy is a protected right under the U.S. Constitution, providing debtors who file with a financial fresh start and a chance to rebuild their credit unhampered by the past.

In Chapter 7 or chapter 13 bankruptcy cases, you will be allowed certain bankruptcy exemptions. These exemptions protect a certain percentage of your property from liquidation so that you will have the necessary groundwork that allows you to start over after bankruptcy. Any assets beyond those exempted may be liquidated to pay your debts. Assets can include not just major property, such as your home or your vehicle, but also your clothing, furnishings, and electronics, even if they have little real resale value.

Many debtors are able to exempt most or even all of their property through exemptions. If you have no assets above the exemptions allowed by the state of California, your personal bankruptcy case will be considered a no-asset case. In a no-asset case, you will have the opportunity to reaffirm certain debts, such as a loan for a vehicle, after the First Meeting of Creditors. Unless there are objections by creditors, your case will generally be discharged after this meeting.

Our bankruptcy lawyer in California can provide you with valuable assistance in completing your bankruptcy forms and determining which set of exemptions may best help you protect your personal assets. A no-asset chapter 7 bankruptcy can be an extremely complex proceeding, and the advice of a knowledgeable bankruptcy attorney can be invaluable.

Our Los Angeles bankruptcy attorney can help you learn more about your options when it comes to personal or business bankruptcy. Contact us today to schedule your consultation.

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