Orange County Bankruptcy Attorney
When you file bankruptcy, part of the terms of your situation may require that you sell your assets in order to pay off the maximum amount of your debt that you are able. In the past, individuals would be forced to sell everything they owned in order to pay their creditors. This has not been the case for a long time. California law provides for individuals to keep many assets. If you are considering filing bankruptcy and you are afraid that you will end up penniless and on the streets, you should know that nothing could be further from the truth.
As a matter of fact, many individuals are able to keep a majority of their property (if not all). With the help of a competent Orange County bankruptcy lawyer, you can see how your possessions, property and assets fit within the California exemption laws in order to see which assets you may have to liquidate, and which you will be able to legally retain.
What will I be able to keep if I declare bankruptcy in Orange County?
The following are exemptions under California law:
- Real or personal property up to $50,000 if single and $75,000 for families
- Furniture
- Clothing
- Appliances
- Food
- Jewelry/heirlooms/art up to $6,750 total
- Vehicles up to $2,550
- Some pensions
- Unemployment benefits
- Minimum of 75% of your wages
- Much, much more
As you can see from the above list, there are quite a few exemptions that could allow you to keep the majority of your assets and property. With the help of an attorney, you will be able to identify the maximum amount of exemptions that you qualify for.
The bankruptcy lawyers at the Law Office of Bruce C. Bridgman are dedicated to providing you with legal assistance and competent representation that you need when you are going to file for bankruptcy.
Contact an Orange County Bankruptcy Attorney at the Law Office of Bruce C. Bridgman to discuss your bankruptcy exemptions.