Tag Archives: exempt property
What Can Your Creditors Take if You File for Bankruptcy?
For those in financial distress, bankruptcy provides a means of eliminating overwhelming debt and starting fresh. One question people considering bankruptcy protection often ask is: will I lose all my possessions? The short answer is no. There are limits to what creditors can take, since certain property may be declared exempt from their claims. There […]
Giving Up Real Estate in a Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, the trustee may sell a portion of the debtor’s property in attempts to repay creditors. Not everything has to be turned over to the bankruptcy trustee, however, as California bankruptcy laws allow the debtor to keep exempt property. Property that is exempt is considered to be the “necessities of modern […]