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The assets that you may retain depend upon the State you live in and the chapter bankruptcy that you file. I will explain.As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. You may have to surrender assets, if any, that exceed your exemption. However if everything you own is exempt, you should lose nothing but your debts. A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.Here are the exemptions for California:http://www.bankruptcyinformation.com/CA_exemp.htm
Sounds like 13 would be a better option
Are you located in California
It may be in your situation.
I am not permitted to represent customers of the site. Here is a link to a free legal referral site that may assist you in locating competent local counsel: www.Martindale.com
Ok, thanks. Is there anything else i should be asking
A thorough analysis of your financial situation should be part of the analysis that your attorney will do
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ok, thanks. have a good day
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