ARAG Legal Insurance - Badge
Avvo Rating - Badge
Lawyers.com - Badge
Google Rating - Badge
Better Business Bureau - Badge

Bankruptcy and Your Assets

Liviakis Law Firm Team
Balancing House Debt

When you file chapter 13 bankruptcy, you have the opportunity to keep your assets during a “reorganization” where you offer a fair payment to creditors in return for maintaining your property. Chapter 7 is a little different; while you may keep your assets if you have if they are low enough value to fit into the legal exemption laws provided for chapter 7 bankruptcy, the trustee may sell high-value assets that don’t fit within the exemptions to satisfy your creditors.

Exemptions

No matter what type of bankruptcy you file, bankruptcy law allows for exemptions (property that is protected from seizure). States differ in what the exemptions are, and if your state allows it, you may be able to claim the federal exemptions if they are more favorable to your situation.

Exempt does not mean you no longer have to pay for the asset. You will need to continue to make any mortgage or car loan payments if you wish to keep the collateral. The exemption rule applies to your ability to preserve a certain value of assets from liquidation by the trustee.

Fresh Start

Bankruptcy was not intended to leave you homeless and broke. The law allows you to keep your possessions if they of reasonable value so you will not have to start over from scratch. Once your debt is eliminated, you will have more of your income to pay your living expenses and not be burdened by overwhelming debt.

If you have questions about exemptions and your assets in bankruptcy, contact a Folsom bankruptcy attorney to find out how you can get a fresh start.

Our Office

Former Office
1215 K St

Sacramento, CA 95814

Phone: 916 459 2364
New Office
2377 Gold Meadow Way
#100

Gold River, CA 95670

Phone: 916 459 2364

Client Reviews

Mr. Liviakis is extremely knowledgeable and answered all of the questions that we had about our situation. He made a really difficult time manageable with his help and expertise. I would definitely recommend...

Lindsey Joyner

Mik is a great attorney. Very friendly & professional. Price is was bit high compared to other firms. Probably the highest I've seen. If price your thing, checkout other firms. Other than that, Mik will get the...

Oi Vinn

Mik helped us save our home and settle with creditors during the pandemic after we were forced to close our family business for over a year. I am forever grateful. He was kind and professional and followed up...

Jina and Steven Hale

Mr. Liviakis was timely and professional. He patiently answered questions and explained the process. He provided handouts that clearly outlined due dates. The firm's paralegal was very easy to work with. I...

Wes Pohl

I nothing but great Experiences, and great service.

Tony Boone

Positive: Professionalism, Quality, Responsiveness, Value

Linda Todd

Contact Us

Fill out the contact form or call us at (916) 459-2364 to schedule your free consultation.
  • Language.png Free Consultation
  • Phone.png Phone Appointments Available
  • Gavel.png Talk to Award Winning Attorney Today

Leave Us a Message