One of the big concerns of consumers who are considering bankruptcy is that they will lose all of their property. In fact, the “I can’t file for bankruptcy because I will lose everything I own” myth is one of the biggest misconceptions out there about the bankruptcy process. Rather than automatically losing all of your property, the bankruptcy court compares your assets against the applicable exemptions for your state to determine whether there is anything to distribute to creditors. The majority of people who file for personal bankruptcy are able to utilize exemption laws to retain all of their property through the process. Exemption laws vary greatly by state, so it’s usually a good idea to meet with a local bankruptcy attorney to discuss how your property will be affected.
Posted by: Erik Clark
Chapter 7 Bankruptcy in California: What You Need to Know
Ahh, California. The Golden State. Home of beautiful beaches, year-round gorgeous weather, and a ton of innovative companies, from Apple to Disney. It’s the first state to ever become a $1 trillion economy in a gross state product, and in 2015, California surpassed France to become the sixth-largest economy in the world. However, California also has…Read more