Santa Rosa Personal Bankruptcy Attorney
One of the most common reasons that people hesitate in filing bankruptcy is that they are worried they will have to give up property. People worry that they will be left with nothing — no home, no car and no personal property. In reality, the outlook is much less bleak than you may think. Thanks to the fact that California is very generous in terms of bankruptcy exemptions, you may get through your bankruptcy with everything except your debt.
At the Law Offices of Brian A. Barboza in Santa Rosa, we will not let you move forward with your bankruptcy until we thoroughly review your situation and educate you about what you will be able to keep and what you may have to give up by filing bankruptcy. Contact us to schedule your free initial consultation.
You Get to Keep More Than You Think
California has two lists of exemptions. You can choose one or the other. Each includes different types of property you can keep in bankruptcy. We will review these lists with you and help you choose the one that makes the most sense in your situation.
Even if you have been threatened with home foreclosure, you may be able to keep your house. You will be required to catch up on your payments and continue to make them in a timely manner. If you have a car, it may be exempt, depending on its value. California allows you to keep your car if you have up to $3,500 in equity in it. In addition, California offers a wild card exemption which allows you to keep approximately $24,000 of any type of property including cash and money in your bank account. This wild card exemption is a powerful tool and is the reason vehicles with more than $3,500 in equity are not taken in a bankruptcy.
Some important pieces of property that you might not think about are completely exempt. For example, your retirement accounts, including 401(k)s and IRAs, cannot be taken away from you during the bankruptcy process. After all, the goal of the bankruptcy process is to give you a fresh start on your future, not put it in greater jeopardy.
Contact Us for a Free Initial Consultation
Schedule a free consultation and learn what property can be kept in bankruptcy by calling our Santa Rosa lawyer at 707-304-5251 or toll free at 866-965-2831, or send us an e-mail.
