Assessing the Effects of Bankruptcy on Your Property
Many people expect to emerge from bankruptcy with nothing but the clothes on their back and having to start their lives entirely from scratch. This is simply not the case. The good news is that a great deal of your property can be protected from creditors while you go through bankruptcy.
At the Law Offices of James A. Pixton, we help people understand their bankruptcy options so they can make informed decisions. Contact us to schedule a free 30-minute consultation with experienced bankruptcy lawyer James A. Pixton. We have convenient office locations in Oakland, Alameda and Modesto, California.
Protecting Your Property From Forced Sale
Federal bankruptcy law gives certain personal assets protection from being sold off (liquidated) in Chapter 7 bankruptcy to repay creditors. The exemptions include but are not limited to the following:
- IRA, 401(k) and other retirement accounts
- Household goods and furnishings
- Ordinary wearing apparel, including uniforms and other work apparel
- Tools required for your job
- Equity in a vehicle, up to a limit
- Home equity, up to a limit
- Some cash and valuables like jewelry or art
The result of these exemptions is that almost everyone considering bankruptcy is protected from the liquidation of a majority of their assets. Our office will assess your individual circumstances to determine whether any of your property will need to be sold if you choose to file for bankruptcy.
Determining Home and Vehicle Consequences Up Front
We understand how important it is that you know, before filing for bankruptcy, exactly what will happen to your house and car. If you have home equity or vehicle equity that exceeds the Chapter 7 exemption amount, Chapter 13 bankruptcy could still be a viable option for you.
Contact us today to have attorney James A. Pixton skillfully examine your personal circumstances to determine which property you can protect from bankruptcy liquidation. We have two convenient locations, in the Oakland area (Alameda) and Modesto; we also offer a free 30-minute consultation.
