Legal Question in Bankruptcy in California

Re: loss of job

I'd have to know more factors, but the law does provide for exemptions for vehicles and your home, up to certain amounts. You should consult with a bankruptcy attorney (this consultation is usually free) to discuss your situation, debts, assets, income, etc. to choose the right chapter for filing. Without knowing more, a Chapter 7 sounds suitable, but the attorney would have to review all the facts.

Re: loss of job

That depends on what the value of each of your assets are, and a number of other considerations. Probably Ch. 7 will be the best, but I cannot tell without having a comprehensive consultation. If you would like a free phone consult, please visit my webpage at http://www.bklaw.com/consult.html and once you have gathered all the relevant information, give me a call to schedule an appointment. Regards, Mark.

Re: loss of job

You are entitled to keep a great many of your assets including equity in your house up to 125,000. Need to know a great deal more before advising on typd of bk.

Re: loss of job

Thank you for your posting. As you can tell from the responses to date, the true answer may be closest to "it depends", since there are many variables in deciding which bankruptcy is best.

Keep in mind that for most individuals, the choice is between a Chapter 7 and a Chapter 13. Because a Chapter 13 requires that the debtor have "regular earned income", I don't think you will find that a Chapter 13 will be best for you given the facts you described.

I am happy to help, so if you'd like more information, please feel free to email me, or call my office directly at 1-877-568-2977. Best of luck to you.