Los Angeles Legal Help - Bankruptcy Exemptions

Protecting Your Assets with Bankruptcy Exemptions

The purpose of bankruptcy laws is to help individuals achieve a second chance and a fresh start when their financial burdens have become too great. To that end, measures have been put in place to protect the assets of those who file for bankruptcy so that they are not left with nothing once the bankruptcy process is complete. Specific bankruptcy exemptions protect certain categories of assets from liquidation and also allow most people to keep all of their personal belongings and property . Federal law governs bankruptcy proceedings but in California, your personal belongings are protected, and in fact, the majority of people filing for chapter 7 bankruptcy will lose nothing - except their debt.

Property that can be deemed exempt is outlined in the bankruptcy schedules filed with the bankruptcy court in the initial phase of your bankruptcy case. Your creditors have a right to object to these exemptions at the First Meeting of Creditors but if there are no objections, the property will thereafter be excluded from your bankruptcy proceedings. It is imperative you have a Los Angeles bankruptcy attorney helping you navigate the complexities of your bankruptcy; otherwise, you risk errors or omissions which can cost you immensely.

Los Angeles Bankruptcy Lawyer

An attorney from Price Law Group can review your personal circumstances and explain how the different types of bankruptcy and exemption laws would apply in your case. With 20 years in practice, the legal team at the firm is extremely well-versed in all aspects of bankruptcy and can help you make informed decisions regarding this important matter. The firm will also represent you at the First Meeting of Creditors and other court appearances, and guide you through the entire process, from preparation and filing to completion. They offer a free consultation to help you gain an understanding of the options available to you and how they can help.

For help understanding how the bankruptcy exemptions apply to you, contact a Los Angeles bankruptcy attorney today.