Law Office of Lance Dacre

For a free confidential consultation with an experienced American canyon criminal defense lawyer, please call attorney Lance Dacre at (707) 534-1854.

Bankruptcy: Keeping Tools of Your Trade

California bankruptcy laws are intended to relieve you of an overwhelming burden of debt, allowing you to get back on your financial feet. For that reason, if you file Chapter 7 (often referred to as a “straight bankruptcy”) or Chapter 13 (bankruptcy where you pay your debts under a plan approved by the court), you will be able to keep certain tools of your trade and business property.

What Can You Keep After Filing Bankruptcy?

Many misconceptions about bankruptcy center on what a person can keep and what will be sold to pay bills. Let’s break the question down into three parts, Chapter 13 vs. Chapter 7 bankruptcy, exempt property, and secured/unsecured loans.

California Bankruptcy: Exemptions

It is a common misconception that if you file for personal bankruptcy, you will be required to give up your house, your car, your furniture—basically, that you will lose everything. In fact, consumer debt relief measures such as Chapter 7 and Chapter 13 bankruptcy were put into place to help overwhelmed debtors get back on their feet, not to destroy them.

Is Bankruptcy the Right Step for You?

High unemployment, a sluggish economy and uncertainty about the future has affected most Americans on some level. Even if you are employed, you may still be worried that you cannot continue to make ends meet or worse, that your ability to provide the basics for you and your family will continue to diminish. And consequently, you may be considering bankruptcy to solve your financial woes.

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