California Asset Protection Lawyer
Many people have heard the myth that if you file Chapter 7 or Chapter 13 bankruptcy, you lose all your assets. This is not necessarily true. There are protections and exemptions built into the Bankruptcy Code to help you keep your assets.
I am attorney Kendall D. Coffman, and I provide legal advice and representation to residents of the Bay Area and communities throughout northern California who are considering bankruptcy. There are many myths and misconceptions regarding bankruptcy. One of the most common is that you will lose all your assets. This is not true.
There are many assets that the government recognizes should be protected after your filing. The dollar amount value of the items in question limits their exempt status, but some things that you may be able to exempt include your equity in:
- A car
- A house
- A 401(k). A Trustee cannot liquidate your 401(k) retirement plan to pay your debts.
This is only a brief list of possible exemptions. For a more detailed list, I encourage you to contact my office in San Mateo and schedule a free 45-minute consultation.
Also, it should be noted that filing for Chapter 13 does not automatically protect all of your assets. Your attorney will still have to apply the exemption rules to protect your assets. Contact me with any questions.
Contact Me if You Have Questions About Keeping Your Assets
Filing for bankruptcy can be frightening if you feel as if there is no one standing by your side. I am attorney Kendall Coffman, and I have provided representation and guidance in bankruptcy filings for more than a decade. Contact my San Mateo office either online or by calling 866-899-8561. I offer a free 45-minute consultation. Contact me to schedule an appointment.