Legal Question in Bankruptcy in California

Re: What can I keep in Chapter 7 bk?

Hello. There is no way of answering your question without knowing the equity position of your house, the value of your other assets, amount of your debts, etc. Usually you can keep the house and car, but without first having a consultation, there's no way anyone could answer that question. If you'd like a free phone consultation, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule a time. I will be happy to assist.

Regards,

Mark

Re: What can I keep in Chapter 7 bk?

There are exemptions available for your house, car, furnishings and work-related items. We'd have to talk further about your specific situation, though, to know how a Chapter 7 would work in your case--this depends on the type and amount of debts you have, whether you're married or single, and the values of your property, among other things.

Re: What can I keep in Chapter 7 bk?

Thanks for your posting.

You might want to review California Code of Civil Procedure section 703.140, and 704.101, et seq., which are the California Bankruptcy Exemptions. If you can't find these easily on line, contact me, and I can email you an attachment.

If your house or car has a loan on it, you are allowed to "reaffirm" and keep paying on those debts. If you own a house or a car free and clear, there are some generous exemptions in California MOST people don't end up losing any property at all after bankruptcy.

I hope this information helps, but if you need more information, or want representation, please feel free to email me directly at [email protected]. Best of luck.

Re: What can I keep in Chapter 7 bk?

Need further information. However, you can keep the car if you reaffirm the debt and the court approves. Generally, you can probabley keep your home.