What will I lose if I file for bankruptcy? 4 Answers as of August 19, 2010

I am considering filing for bankruptcy because I got laid off last year and my debt has been out of control for some time. I know that assets are liquidated and distributed to creditors in a Chapter 7. What exactly will be liquidated? Will my car or personal items be repossessed or sold? Thanks!

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Fasel, Fasel, & Nefulda, LLP
Fasel, Fasel, & Nefulda, LLP | Thomas Fasel
In many instances, debtors are able to keep their car and most of their possessions in a Chapter 7 filing.

To discuss further, please contact us for a free consultation.
Answer Applies to: California
Replied: 8/19/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
This can be a complex questions. It depends on the assets that you have and how you file your case. There are different exemptions you can use and thus different assets and/or properties you can protect.

For more advice, feel free to call me.
Answer Applies to: California
Replied: 8/18/2010
Halpern Law Offices
Halpern Law Offices | Daniel B. Halpern
As of now you have lost the most valuable thing, which was your credit. This can be regained, but I need to have more details.
Answer Applies to: California
Replied: 8/18/2010
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
There are many exemptions in bankruptcy. Most people who file bankruptcy keep all of their assets. Only assets that are not exempt and that are of significant value are liquidated for the benefit of creditors. Household goods are very rarely sold. To answer the question for you as to what assets of yours might be liquidated for the benefit of creditors, I will need to know specific information about your assets.
Answer Applies to: California
Replied: 8/18/2010
Click to View More Answers: