Westlake Village Asset Protection Lawyer
Understanding the Benefits of Bankruptcy Exemptions in Southern California
Debtors in Chapter 7 and Chapter 13 bankruptcy cases in California can choose between two different approaches to asset protection through property exemptions. One approach works better for people with substantial homestead equity, while the other is appropriate for those who do not own a home or whose mortgages are underwater. To learn how bankruptcy exemptions can help you protect important assets, contact a knowledgeable lawyer at the Law Office of Jacqueline Y. Blade in Westlake Village.
Exemptions work substantially the same way in both Chapter 7 and Chapter 13, with an important exception: in a Chapter 7 case, a trustee is appointed to make sure that any nonexempt assets are identified and turned over for the benefit of unsecured creditors. In a Chapter 13 case, you claim exemptions and identify nonexempt property in the same way, but under less direct supervision. Instead of turning over the value of nonexempt assets, you pay that value into your Chapter 13 plan over the three to five-year debt repayment period.
California Bankruptcy Exemptions Attorney for Chapter 7 or Chapter 13 Cases
As a practical matter, most people who find themselves in bankruptcy have few nonexempt assets of enough value to be of interest to creditors or a bankruptcy trustee. It is still important to make sure that all available exemptions are properly claimed. At the Law Office of Jacqueline Y. Blade, you will be working with an experienced attorney who will give you very specific information about how California bankruptcy exemptions can protect your interest in home equity and personal property including vehicles, jewelry, shop tools, and retirement investments.
A sound understanding of effective asset protection strategies can help people steer clear of the mistakes that they sometimes make even long before filing a bankruptcy petition. For example, paying down consumer debt or medical expenses with a loan from a retirement account is just about always a bad move. The bill you are paying in most cases can be discharged in bankruptcy, and the asset you are using to pay it is exempt from your creditors' claims. We help people maximize the value of their asset protection options through sound advice and timely action.
Although the two bankruptcy exemption systems assign different maximum amounts to different kinds of assets, both allow debtors to protect significant amounts of equity in many different kinds of property: homestead, mobile homes, motor vehicles, household goods, retirement accounts, public benefits, medical devices and many others.
Call 805-496-2311 in Ventura County
We will carefully review your assets and indebtedness to make sure that you receive the maximum exemption benefits allowed. To benefit from the advice of an experienced Westlake Village asset protection attorney, contact the Law Office of Jacqueline Y. Blade in Westlake Village.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.