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Bankruptcy Exemptions Archives

Don't let myths about bankruptcy derail your efforts

When Escondido residents get to the point where they are considering the possibility of filing for bankruptcy due to the state of their finances, they have probably exhausted all other options. In the lead-up to this point many people will attempt to make severe changes to their financial situations, such as cutting back on spending where they can and doing their best to pay more than the minimum payments on debts owed. However, for some people, even their best efforts won't be enough to get them out of a bad financial situation.

Knowing what assets you can keep when filing for bankruptcy

One of the biggest myths that many people associate with filing for bankruptcy is that the process will strip filers of all of their possessions. Simply put, that isn't true. Most people who file for Chapter 7 bankruptcy - commonly known as "liquidation" bankruptcy - will actually get to keep most of their possessions. Our readers may be thinking, how is this possible? The answer - bankruptcy exemptions.

Dollar amounts are important for bankruptcy exemptions

As worried as some Escondido residents might be about some of the negative effects of a bankruptcy filing, the reality is that there are parts of the process that are designed to ensure that a person is not left stripped of all possessions in exchange for the discharge of debt. Chapter 7 bankruptcy, in particular, which is known as "liquidation" bankruptcy, may place Escondido residents in fear of losing it all. But, there are bankruptcy exemptions in every case.

Small business owners and bankruptcy exemptions

Some of our Escondido readers may have seen recent posts here regarding bankruptcy exemptions and the importance of considering these various exemptions while planning a bankruptcy filing. There is no question that bankruptcy exemptions can play a critical role when an individual or family is facing the decision of whether or not to file for bankruptcy, but what about those individuals who are small business owners?

What is a schedule of 'exempt' property in a bankruptcy filing?

Anyone in California who begins the process of evaluating whether or not to file for bankruptcy will usually find out quick enough that there are quite a few steps in the process, and that complications can arise easily. Of course, most people know the basic premise of filing for bankruptcy, especially Chapter 7 bankruptcy: liquidate some assets and discharge debt. But, as previous posts here have mentioned, most people who file for bankruptcy may be able to keep some of their assets by filing a "schedule of exempt property."

Knowing your bankruptcy exemption options in Escondido

For many Escondido residents, their financial situation slowly deteriorates over time to the point where a serious dinner table discussion regarding bankruptcy comes up. For people who find themselves in this type of situation, debt and bills are piling up, and they come to understand that they simply do not have the resources to keep up. The prospect of filing for bankruptcy can be scary, mostly because many people believe that they will lose everything.

Exemption plan - the difference between exempt and non-exempt

Any of our Escondido readers who are familiar with previous posts here may know that when a person files for bankruptcy there are certain bankruptcy exemptions that will come into play. But, what they may not know is that sorting through the various options under the applicable California bankruptcy exemptions can be quite difficult. That is why it is important to sit down and come up with a comprehensive exemption plan.

Making a choice when it comes to bankruptcy exemptions

Most of our Escondido readers know by now that there are quite a few steps to take to get through the bankruptcy process successfully. In some cases, the filings are not all that complex, but nonetheless each step that the court outlines must be completed in a correct and timely manner. There are decisions to make along the way as well, and one decision that a person who files for bankruptcy in California will need to make is which set of bankruptcy exemptions to choose.

What is the interplay between bankruptcy and home equity?

Many people reach the decision to file for bankruptcy only after evaluating all other potential options. This is a prudent approach to such an important issue, but at the outset many people have quite a few concerns. Will I lose everything I own? Will my retirement savings be seized? Will I lose my home?

What are the exemptions in a Chapter 7 bankruptcy filing?

One of the most common myths about filing for bankruptcy is that you will lose all of your possessions in an effort to repay creditors. That simply is not true. In a Chapter 7 bankruptcy filing a California resident will list all assets so that they can be reviewed for liquidation. However, what many of our Escondido readers may not know is that there are quite a few assets that fall within designated bankruptcy exemptions.