Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*
Welcome to JustAnswer,So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.
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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