Julieann R. Sayegh Bankruptcy Law Blog

What property do I get to keep if I file for Bankruptcy?

Often people believe filing for bankruptcy would result in a loss of all your assets and valuables. The Bankruptcy laws are not designed to strip you of all you have. In actuality, there are “exemptions” that are provided  which allow a person to keep most necessary and essential assets.

Real Property

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One of the greatest benefits of bankruptcy is an automatic stay on all of your debt.  Once a bankruptcy petition is filed, an automatic stay prevents any and all creditors from doing anything to enforce a claim against a debtor and it temporarily suspends foreclosure action against your home.   An important aspect to consider is whether the equity in your home is greater than the homestead exemption. 
California has an Automatic... Read More