How Bankruptcy Can Affect Your Assets
If you are considering filing bankruptcy, you may be concerned about how your assets will be affected. It stands to reason that since you have worked hard to purchase your home, build your retirement plan, buy your car or acquire personal assets, you want to protect your property. It may help to know that in many cases, petitioners are able to retain much, if not all, of their assets.
At Simon & Resnik, LLP, our bankruptcy attorneys will take the time to explain how your property will be impacted by a bankruptcy filing.
Los Angeles Bankruptcy Law Firm
We have helped countless clients in Southern California:
- Protect their assets
- Avoid home foreclosure
- Remove second or third mortgages
- Stop car repossession
- Handle their international assets
We will thoroughly evaluate your situation and advise you regarding the best way to protect your property.
Chapter 7 Bankruptcy
In Chapter 7 bankruptcy, most of your unsecured debts are discharged. In exchange, property not exempt under the Bankruptcy Code is liquidated. The proceeds will be used to pay your creditors. However, it is important to understand that much of your property is exempt. As your lawyers, we will explain and work to maximize your exemptions.
Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, your property is not liquidated. Your unsecured debts are rolled into a monthly payment based on your ability to pay. Your home, car and other property will remain untouched, provided you can maintain the regular payments.
Learn More During a Free Consultation
For more information about how to protect your property in bankruptcy, speak with the professionals at Simon & Resnik, LLP. Call us at 310-598-7365 or 888-368-4099, or contact us online to arrange a complimentary consultation.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
