Protecting Property

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Protecting Your Property with Bankruptcy

Assistance from Our Long Beach Bankruptcy Lawyer

Most debtors can keep all of their real and personal property when going through bankruptcy because the state has passed laws outlining exemptions to prevent creditors from seizing assets deemed to be ordinary and necessary. At Leibowitz Law Group, we understand that protecting your property is important to you and we aim to ensure that your rights are also fully protected throughout the course of your bankruptcy case.

If you are interested in learning more about your eligibility to file for bankruptcy or want to know how working with our Long Beach bankruptcy lawyers can assist you in safeguarding your investments from repossession, contact our firm right away.

Exemptions

Two different sets of exemptions have been established to protect debtors. The homestead exemptions are for individuals with equity in their homes. A second set of exemptions was created for individuals with little or no equity in their homes.

Homestead (§704) exemptions:

  • $50,000 homestead exemption for an individual
  • $75,000 homestead for a married couple
  • $150,000 for individuals 65 and over or who are disabled
  • $2,550 for a motor vehicle
  • Retirement accounts
  • Reasonable and necessary personal property

Non-homestead (§703) exemptions:

  • $21,825 wildcard exemption (used for any purpose)
  • $3,300 for a motor vehicle
  • Most retirement accounts
  • $525 per household item

Do you need more information about bankruptcy?

At Leibowitz Law Group, we are proud to be highly experienced legal professionals who have extensive knowledge of California and federal laws governing bankruptcy. We can use our knowledge to benefit your case. We are aware that this time in your life can be very stressful, but we aim to make this process as painless and easy as possible for you.

Once you retain our Long Beach bankruptcy attorneys' services, you can trust Leibowitz Law Group to help resolve your debt problems and start sleeping better at night. To learn more about your rights, contact our firm today by completing an online free case evaluation form now!