There are many misconceptions about the types of things you can keep in bankruptcy. Most individuals often assume Chapter 7 bankruptcy means you can no longer keep your home, car, or other property. A review of the exemption law reveals that is simply not true.
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What things do I get to keep if I file bankruptcy under chapter 7?Chapter 7 Bankruptcy or Loan Modification: Which Comes First?The vast majority of bankruptcy clients are concerned about keeping their homes. Many of them have been victims of falling home prices, adjustable interest rates, and a bad economy that has caused high rates of unemployment. Because of these factors, most homeowners rely on savings, credit cards, and other debt to finance their lives while protecting their homes. The result is that most clients need bankruptcy to escape debt while simultaneously needing to modify their home loans in order to avoid foreclosure. How will bankruptcy affect my credit?A common question among clients is the effect chapter 7 bankruptcy will have on a client’s credit. While bankruptcy will effectively wipe away any credit of a client, a debtor will still be able to quickly and effectively rebuild their credit and obtain favorable rates. First Source Law Featured in Orange County RegisterI was quoted today in the OC Register regarding an increase in bankruptcy filings. In 2009, bankruptcy filings increased 64.1% over the previous year in Orange County. For the entire district, filing increased 64.9%. I believe that bankruptcy filings will remain steady at these levels for the foreseeable future as more and more among the middle-class are forced to file due to lost jobs and cuts in pay/hours. If you are among those |