Bankruptcy Exemptions: Filing Chapter 7 or Chapter 13

Los Angeles Bankruptcy Lawyer

There are certain assets that you are allowed to keep when you file for bankruptcy in the State of California. Your personal financial situation should be fully reviewed by a Los Angeles bankruptcy attorney from Matthews Law Firm to help you determine the best course of action in cases of serious debt-related problems. With a full review of your current scene, we can assist you in identifying the best possible solution to your situation. Reviewing how the California and federal bankruptcy exemptions will affect your filing is a critical aspect of the process. You have the right to retain ownership of property you live in, whether a mobile home or other residence, up to a value of $75,000, but this amount can vary based upon whether the individual filing is disabled, or increase based upon the age of the individual, increasing your exemption. We can help you evaluate what the effect will be on your home ownership as well as your other assets if you file chapter 7 bankruptcy.

What can you keep in bankruptcy?

The benefits of bankruptcy most often far outweigh the risks with regard to your property, and can be the right solution. As you are probably suffering severe financial stress, you may have considered cashing out your retirement account to pay off bills. This may be a dangerous route to take, as you will incur heavy tax liabilities, and in filing bankruptcy you will keep your retirement and discharge most of your unsecured consumer debt.

You will not be forced to sacrifice disability or health benefits, life insurance benefits when needed for your support, or private retirement benefits, including IRA's KEOGH's and other pensions provided for county employees, firefighters, peace officers, and public employees. We urge you to contact our firm to evaluate your case and determine how best to resolve your financial issues, and offer alternatives to bankruptcy that could serve your interests when you don't choose to file. Most of our clients do not lose any of their personal property, and you can be confident that we will carefully manage every aspect of your case with your interests and financial health as our only concern.

Contact a Los Angeles bankruptcy lawyer to find out more about the bankruptcy exemptions and how filing for bankruptcy will affect your personal situation.