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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Hi, I am planning on filing for bk, I own two properties that

Resolved Question:

Hi, I am planning on filing for bk, I own two properties that have no equity and I am current on both properties, will I be require to sell or get rid of one?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
No. If there is no equity, the court would not realize anything from the sale, so they will not force you to liquidate if you file for bankruptcy. They only want to go after unexempt assets to get $ to pay your creditors. Thanks for your question, good luck.
Customer: replied 7 years ago.
so, unexempt items would be cars, money in bank accounts? How many cars will they allow me to have or value total?
Expert:  Terry L. replied 7 years ago.
California has 2 sets of exemptions, so to best review your case and use the correct exemption set, you should meet with a local California bankruptcy attorney to properly choose the correct set to maximize your protection of your assets. A quick google search for California bankruptcy exemptions will turn up basic lists for you though. Good luck.
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