One of the most common questions about a bankruptcy is, "What happens to my assets?" The idea of filing for bankruptcy can trigger a number of concerns such as whether or not you get to keep your home, your vehicles and your personal belongings. At our California law firm, we can easily address the concerns and questions you have about bankruptcy.
The Law Offices of Attorney Judith A. Descalso has locations in Escondido and San Diego, California, and represents clients throughout the surrounding areas in bankruptcy law matters. Our legal staff understands the challenges associated with financial difficulties and will work to alleviate as much stress as possible by helping you protect your assets and get a fresh start through bankruptcy.
What Assets Can I Keep?
In order for you to get a fresh start, you want to retain a certain number of things, including personal items. For many people, it is a common misconception that you will lose all personal belongings in a bankruptcy. The reality is, in a bankruptcy most individuals do not lose anything.
California has two general categories for exemptions: one includes a "wild card" exemption as well as personal items exemptions (furniture, clothes and vehicles). The other provides for a large homestead exemption if you have equity in your home. It is important to work with a bankruptcy lawyer who understands the federal laws and what the state exemptions are. Attorney Judith A. Descalso is highly familiar with the exemptions allowed in the state of California and can help protect your interests.
We can also advise with regard to tax considerations in a bankruptcy and bankruptcy for small business owners. Our bankruptcy attorney will help explain the benefits of filing under a Chapter 7 (individual discharge) or a Chapter 11 (reorganization).
Contact Our San Diego Homestead Exemption Attorney
To schedule a free initial consultation with our Escondido assets and exemptions attorney, please contact us online by filling out a brief form. You can also reach us by phone at 760-670-4863 or 866-497-6196 (Escondido office), or at 619-272-6247 (San Diego office).
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
