How Bankruptcy Can Affect Your Assets
Learn More from Our Los Angeles Bankruptcy Lawyers
If you are considering filing bankruptcy, you may be concerned about how your assets will be affected. It stands to reason that since you have worked hard to purchase your home, build your retirement plan, buy your car or acquire personal assets, you want to protect your property. It may help to know that in many cases, petitioners are able to retain much, if not all, of their assets.
At Resnik Hayes Moradi LLP, our bankruptcy attorneys will take the time to explain how your property will be impacted by a bankruptcy filing. Call (213) 344-0043 to schedule a consultation.
Los Angeles Bankruptcy Law Firm
We have helped countless clients in Southern California:
- Protect their assets
- Avoid home foreclosure
- Remove second or third mortgages
- Stop car repossession
- Handle their international assets
We will thoroughly evaluate your situation and advise you regarding the best way to protect your property.
Chapter 7 Bankruptcy
In Chapter 7 bankruptcy, most of your unsecured debts are discharged. In exchange, property not exempt under the Bankruptcy Code is liquidated. The proceeds will be used to pay your creditors. However, it is important to understand that much of your property is exempt. As your lawyers, we will explain and work to maximize your exemptions.
Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, your property is not liquidated. Your unsecured debts are rolled into a monthly payment based on your ability to pay. Your home, car and other property will remain untouched, provided you can maintain the regular payments.
Learn More During a Free Consultation
For more information about how to protect your property in bankruptcy, speak with the professionals at Resnik Hayes Moradi LLP. Call us at (213) 344-0043 or contact us online to arrange a complimentary consultation.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults.- David K.
He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own.- Kelly S.
I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home.- Joseph R.
These are top-notch pros that'll have your back. I cannot recommend them highly enough.- Tim C.
They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life.- Rusty H.