Fresno Bankruptcy Lawyers - How to Retain your Assets

One of the primary concerns for individuals who file for bankruptcy is the retention of assets. When filing for bankruptcy, everyone wants reassurance that not every asset can, or will be sold. In the vast majority of Chapter 7 bankruptcy filings, individuals have no non-exempt assets that can be sold to cover their debts. In these types of cases, individuals are allowed to keep all of their possessions, and still take advantage of the financial protection that bankruptcy provides. For those who do not qualify for a Chapter 7 bankruptcy, Chapter 13 bankruptcy provides protection of assets that you own while you maintain your repayment plan. Creditors will not be allowed to file judgments, or attempt wage garnishment for as long as you follow your approved repayment plan - even if the creditor is not receiving any portion of the proceeds from that repayment plan.

If you have very few assets, or no steady income, Chapter 7 bankruptcy will probably be better suited to your needs. However, if you have a substantial amount of property, assets, or possessions in general, a Chapter 13 repayment plan can help you to preserve those assets while still taking advantage of the financial protections that bankruptcy has to offer. As an additional benefit, by filing for Chapter 13, you will most likely be able to keep possessions such as your house and your vehicle, as long as you remain current on your payments.

If you do not have a steady income, and you still want to protect your assets, you may be able to retain most of your property through Chapter 7 due to the exemption laws. Property that is exempt from liquidation may include your home, your vehicle, clothing, any possessions which you use regularly for your livelihood, such as tools or equipment, and some personal items, such as clothing. There are two different sets of exemption laws in California, and you can choose one or the other, but not both, to cover your property and prevent liquidation.

When it comes to understanding exemptions, your best option is to speak with a knowledgeable Fresno County Bankruptcy Attorney about your particular case. We offer a free, no-risk, initial case evaluation to help individuals who are considering bankruptcy. We want you to understand all of your options, and we'll be more than happy to answer any questions that you may have about Fresno County bankruptcy and your exemptions. Contact us today and arrange for your free initial case evaluation right away. The sooner you contact us, the more we will be able to help when it comes to retaining your assets.