Can You Keep Any Asset After Chapter 7 Bankruptcy


The biggest concern for most people when filing for Chapter 7 bankruptcy is can you keep any asset? Chapter 7 indeed is a great way to solve your bankruptcy issues with the help of a bankruptcy lawyer San Diego but does allow you to retain any of your current assets. Read this article to know more about chapter 7 and its benefits.

Can You Keep Any Asset After Chapter 7 Bankruptcy

Do we lose our entire asset when filing for chapter 7 bankruptcy?

The government has made some exemptions in assets for a person who files for chapter 7 bankruptcy as the main bankruptcy is to make people stand at their feet again. Thus to maintain their quality of life, while still resolving their issues with creditors some off the assets are put on the exemptions list. Day-to-day property that will be excluded from your bankruptcy filing.

If your property is “exempt” from your Chapter 7 bankruptcy filing, it means that you get to keep that property. If a property is not exempt, then it means that your bankruptcy trustee can sell it and divide the profit among your creditors.

In what state you live in decides how much of property you can save for you. Each state has a set of exemptions. Most states require you to use the state exemptions while others give you a choice between the state system and the federal exemption scheme.

The federal system and most states allow you to keep a certain amount of equity in your house and your personal property, such as a car, many retirement accounts, and some wages. Household goods and clothing are usually exempt unless they are unusually valuable.

What are the advantages of chapter 7 bankruptcy?

Immediate relief: The moment you file for chapter 7 bankruptcy with the help of a Bankruptcy Lawyer San Diego0 then you will get instant relief from all your creditors. No one can harass you legally and you can live peacefully and can repay the loan with ease. It even put at least a temporary stop to repossessions, evictions, and foreclosures.

Debt Relief: Most types of debt, including credit card debt, medical bills, and personal loans are wiped out with chapter 7 bankruptcy. Even your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.

Improved Access to Credit and Banking: You’ll get more credit card offers right after filing your bankruptcy than you’ll know what to do with. Also, you can rebuild your credit and increase your credit score, it will give you access to the safety net that comes with having a credit card in case of an emergency. Always choose yourself a Bankruptcy Lawyer San Diego to file the bankruptcy.

Fast process: The process of filing chapter 7 bankruptcies can take as little as 3-5 months with the help of a Bankruptcy Lawyer San Diego. This time includes your initial consultation, your meetings with the Bankruptcy Lawyer San Diego, credit counseling and debtor education courses, your 341 meetings with your attorney and the trustee, and your discharge notification from the court.

Bankruptcy Law Center is the place for you to file bankruptcy in the best possible way. Our San Diego Bankruptcy Lawyer will make sure you file your Chapter 7 bankruptcy successfully. Not only chapter 7 but also chapter 13 bankruptcies can be filled with the help of our lawyers. Get out of Debt San Diego today with our professional help.