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Bankruptcy Exemptions

Bankruptcy Exemptions

What Assets Are Exempt in a Bankruptcy?

One of the worries (and common myths) individuals often have concerning bankruptcy is that they will lose everything if they file for bankruptcy. There are exemptions of assets and an Irvine bankruptcy lawyer can inform you thoroughly regarding the types of property and assets that may be exempt from the bankruptcy proceedings. Exemptions are outlined in both state and federal laws so having the counsel of a trusted and knowledgeable attorney is important.

In California, some property is exempt under certain conditions; appliances, food and clothing needed are exempt; jewelry, heirlooms and art up to $5,000 are exempt; certain insurance benefits are exempt as are some pensions. Federal exemptions regarding pensions are automatically included in the state exemptions. For a full and comprehensive review of your assets and which are exempt under the law you will want the services of a well-versed Irvine bankruptcy lawyer from Peter Rasla & Associates, P.L.C.

Why You Need a Bankruptcy Attorney in Irvine

If you have been struggling with unpaid bills, threats of foreclosure, angry creditors and all of the other difficulties that go along with overwhelming debt, you can begin to experience relief by finding out about bankruptcy options. Not everyone is qualified for bankruptcy. Knowing which types of bankruptcy are available and what the qualifications for bankruptcy are can be helpful to you. The firm has been working with clients for 15 years and has helped many people to get out from under the burden of debt that has been plaguing them. No decent person wants to say they "can't" repay their obligations. Whether your situation was caused by unexpected illness, injury, national economic crisis, or errors in judgment, a legal option may be available to you. When you contact the firm, you can find out more about this process and the exemptions that exist.