Bankruptcy Exemptions

Understanding Bankruptcy Exemptions

When a person is in financial trouble, it can cause considerable stress and worry. There are many legal remedies that can be applied to help you eliminate your debts, such as filing for Chapter 7 or Chapter 13 bankruptcy.

If you are already considering a Chapter 7 bankruptcy, you may be concerned about the loss of your assets and property. Chapter 7 provides debt relief through the liquidation of assets. The proceeds from the liquidation are used to pay creditors and any remaining debts are discharged. State laws allow many different types of assets and property to be excluded from liquidation, oftentimes depending on their value. This includes:

Wages
Equipment, tools and supplies needed for work
Real or personal property that is occupied at the time of the bankruptcy
Cars and other motor vehicles
Food, appliances, clothing
Jewelry and heirlooms
Art
Pensions
Public benefits
Insurance benefits
Personal injury compensation
Social Security benefits

A San Diego bankruptcy attorney should be contacted to review your assets and determine what assets and property you will be allowed to keep. Having this information before filing for bankruptcy can help you make the best decision possible regarding your financial situation.

Bankruptcy Lawyer in San Diego

San Diego Bankruptcy Pros is a full service bankruptcy law firm that provides capable assistance to clients seeking debt relief. We have many years of experience helping people with their financial problems. Our firm can evaluate your needs and develop an overall plan to help you get out of debt. This can include solutions such as debt settlement, debt negotiation, loan modification and debt consolidation, as well as bankruptcy. When you financial future is at stake, trustworthy counsel from a knowledgeable attorney can be extremely beneficial.

Contact a San Diego bankruptcy attorney from our office for more detailed information about Chapter 7 bankruptcy and how to protect your assets and property.