Bankruptcy Attorney Orange County, Ca - Chapter 7 Layer

What Can I Keep?

You will not likely loose any property if you file a well-crafted petition under Chapter 13. Under Chapter 7, you are allowed certain exemptions from the requirement of liquidation of assets for the benefit of creditors. Exemptions are available to protect equity in personal property, professional tools, automobile, and your house or dwelling, assuming your payments are current on loans securing these items. Limits on these exemptions will depend on which schedule you choose to use in your petition. You should consult with an attorney before selecting a schedule. If you are behind on your mortgage payments, you will almost certainly lose your house if you file a Chapter 7 bankruptcy. Your mortgage lender will ask the bankruptcy court to lift the automatic stay to begin or resume foreclosure proceedings. If you are current on your payments, a person or married couple may exempt part or all of their equity (difference in mortgage balance and market value of the house). States vary in the amount that may be exempted. Generally, married couples, seniors and disabled persons may exempt more equity. In a Chapter 13 bankruptcy, you will not lose your house if you immediately resume making the regular payments called for under your agreement and repay your missed mortgage payments through your plan.

A little about Brea...( City of Brea Website )

The population of Brea, as of the 2010 Census was 39,282.
The city began as a center of crude oil production, was later propelled by citrus production, and is now an important retail center because of the large Brea Mall and the recently redeveloped Brea Downtown. Brea is also known for its extensive public art program which began in 1975 and continues today with over 140 artworks in the collection placed and located throughout the city. Brea's public art program has been used as a model and inspiration for many Public Art programs nationwide.


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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Pursuant to the U.S. Bankruptcy Code, we are a Debt Relief Agency, we help people file bankruptcy.

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