When considering bankruptcy, it is important to take concrete steps to protect your assets, both before filing and during the bankruptcy process. It is important to obtain legal counsel from a qualified bankruptcy attorney to learn what debt relief options are available to you as well as how bankruptcy may impact your specific assets.
I am Christopher P. Walker, a bankruptcy and asset protection lawyer serving Anaheim, California, and the surrounding areas. With over 25 years of experience in bankruptcy law, I can readily assist you in protecting your assets and pursuing debt relief options. To learn more, contact me today for a free initial consultation.
Many people assume they will lose much or all of their property in bankruptcy. Fortunately, that is not the case. Federal and state law allows you to keep certain types of property — such as your home and personal belongings — up to a certain dollar limit. These protected properties are called “exemptions.”
Before even filing bankruptcy, you should meet with an attorney to determine how best to protect your assets. This is true whether you are pursuing Chapter 7, Chapter 13 or even Chapter 11 bankruptcy. Exemptions are particularly critical in Chapter 7, where a bankruptcy trustee will liquidate your nonexempt assets. Failure to properly navigate the process can result in losing more property than necessary.
In any type of bankruptcy, exemptions are key to protecting your assets.
The act of filing bankruptcy in itself can protect your assets. As soon as you file, wage garnishment will stop immediately. If your car is in the process of being repossessed, or on the verge of repossession, that, too, will immediately halt.
For those facing home foreclosure, bankruptcy will delay the foreclosure process. This postponement will allow you valuable time to pursue options for saving your home, such as loan modification or a repayment plan.
Bankruptcy can be a powerful tool for protecting your assets.
It is critical to obtain the help of an experienced bankruptcy attorney. Call the Law Office of Christopher P. Walker, P.C., at 714-639-1990 for a free initial consultation. I offer evening appointments.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.