Protecting Your Assets in Bankruptcy
One trade-off of Chapter 7 bankruptcy is that the court sees your assets as a means of paying back your creditors, and the Chapter 7 trustee can sell these assets to repay the debts you owe. An “asset” is any property you own or may have a right to own at some point in the future. In Chapter 7 bankruptcy, some or all of your assets will be exempt, meaning you can keep them after you file bankruptcy. Such exempt assets in California bankruptcy cases typically include furniture, food and clothing necessary to and regularly used by the debtor or members of his or her family, as well as jewelry, art and heirlooms up to certain exemption limits. You can also choose to keep certain secured debts, such as your house and car, but you will be required to make any past-due payments and you will also have to continue making current payments. Any non-exempt assets, such as valuable artwork, investments or property that is not your primary residence, might be liquidated, or sold, by the trustee appointed to your bankruptcy case, in order to pay your creditors the money they are owed. If you don’t have any non-exempt assets, there will not be any property for the trustee to sell and your creditors will not receive any payment from your bankruptcy case.
Reasons to Hire a Bankruptcy Attorney
Filing Chapter 7 bankruptcy in the greater Sacramento area can be complicated and stressful, and many people considering bankruptcy as a debt relief option are unsure how to proceed and where to turn for help. I am familiar with the various bankruptcy options available to individuals facing crippling financial problems, and with my help,
you can find the debt relief solution that best suits your individual needs. I have more than 25 years of bankruptcy legal experience and I have helped clients throughout the greater Sacramento area obtain relief through bankruptcy. I have a reputation for skilled and knowledgeable bankruptcy representation, and I can help you determine whether Chapter 7 bankruptcy is right for you.
For many people, the stigma of bankruptcy is what ultimately keeps them from taking advantage of what could be the best solution for addressing their looming financial problems, which should never be the case. When you hire me, I will help you seek relief from the burden of mounting debt in a discreet and considerate manner, so you can avoid the social stigma of bankruptcy. Once you retain my bankruptcy and debt relief services, I will also handle all creditor calls for you. In fact, you can refer all creditor calls directly to me, so you do not have to deal with harassing collections efforts by creditors or have any contact with creditors at all. No matter how desperate your financial situation may seem, I can help. I will ensure that you understand your options under the law and personally walk you through each scenario, so you can feel confident that you are making the best decision for your financial future.