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.