WHAT WILL I LOSE?

Understanding Exempt and Non-Exempt Assets

There are many bankruptcy myths that often prevent people from taking advantage of this legal remedy, especially regarding Chapter 7. When a person files for Chapter 7, their non-exempt assets will be liquidated. However, the liquidation of assets in a Chapter 7 is very uncommon if the petition is prepared properly and they are properly exempted. Bankruptcy statutes allow a person filing for bankruptcy to keep all of their assets depending on the type and value. Protected assets may include:

• Child support
• Alimony
• Wages
• Pensions
• Jewelry
• Vehicles
• Appliances and other household items
• Insurance
• Bank Accounts
• Personal Residence
• Rental Properties
• 401(k)
• IRA
• Life Insurance

Ventura bankruptcy attorney Michael Grennier at Grennier Law should be consulted if you are considering bankruptcy as a solution to your financial difficulties. As an experienced bankruptcy lawyer, he can explain the laws pertaining to bankruptcy and what assets you will be allowed to keep if you file for Chapter 7. You can also find out about bankruptcy alternatives such as loan modification, debt negotiation and debt consolidation.

Speak with a Lawyer – is Bankruptcy is Right for You

Bankruptcy may be the right decision for you if you have serious financial problems, are behind on your bills, and are facing foreclosure, repossession, bank levies and wage garnishment, and law suits.

Attorney Grennier is a former law professor, Judge Pro Tem in the Ventura County Superior Court and member of the National Association of Consumer Bankruptcy Attorneys. He has assisted thousands of clients with the bankruptcy process, and can help you make the best decision possible regarding your financial situation.

Contact Ventura bankruptcy lawyer Michael Grennier for skilled advice regarding eliminating your debts. Call today to schedule a FREE consultation at 805-643-3900.