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In Chapter 13 bankruptcy, you need not lose anything as long as you follow the payment plan. In Chapter 7 or liquidation, there are certain assets that can be kept. It is dependent on the bankruptcy amount exemptions. In California, there are 2 sets of exemptions. Set 1 provides exemption for homestead, personal property, insurance, pensions, public benefits, tools of trade and wages . System 2, almost the same as System 1 but it has the wild card system. If the individual does not own property, he/she can use the value of the homestead for any property chosen. For an official opinion, it is advised you seek legal counsel.
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Can you keep pets in a California bankruptcy?
Yes, as long as it is recognized as a pet (your Quarterhorse might have to go).
Where can one find a bankruptcy attorney in California?
One can find a bankruptcy attorney in California from the following sources: California Bankruptcy, NOLO, Lawyers, Find Law, Long Beach Bankruptcy Lawyer, Fox Business.
Who is a recommended bankruptcy lawyer in California?
There are many recommended bankruptcy lawyers located int the state of California. An example of a recommended bankruptcy lawyer in California is Mark J. Markus.
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
Can I file for bankruptcy when separated in California?
Yes.
How long does a bankruptcy stay on your credit in California?
7 years
Can you keep your house while going into bankruptcy?
No.
Can you keep an account and not list it in a bankruptcy?
Yes.
How long should you keep bankruptcy paperwork?
Paperwork relating to the bankruptcy should be kept until at least the bankruptcy is off your credit report.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
Can an illegal immigrant file for bankruptcy in the state of California?
An illegal immigrant can file for bankruptcy in California. The federal bankruptcy code does not limit the filing of a bankruptcy to U.S. citizens or legal permanent residents. The bankruptcy code allows a debtor to be a "person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title."Whether it is advisable to file for bankruptcy, will depend on the particular circumstances of that individual.
Can you file Chapter 7 and keep your house and car?
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
