Bankruptcy Attorney In Orange County – Santa Ana – Anaheim
As a bankruptcy attorney in Orange County, I know there are certain misconceptions about filing bankruptcy. When I have a prospective client who wants to file a Chapter 13 or Chapter 7 bankruptcy case in Orange County or a client who has filed an Orange County Chapter 13 or Chapter 7 bankruptcy case, one of the fears he relays to me as his bankruptcy lawyer is that he might lose everything he owns and may never get credit again. Well, this is simply not true.
As an Orange County Chapter 13 and Chapter 7 bankruptcy lawyer, I always advise my clients and prospective clients that there is nothing to fear in bankruptcy. Bankruptcy laws are there to give good faith debtors a fresh start, and our award winning bankruptcy lawyers will help you achieve just that.
Section 522 of the Bankruptcy Code provides that certain property of an individual debtor are deemed exempt from property of the estate. Specifically, under Section 522(d), individual debtors filing or who filed for an Orange County Chapter 7 bankruptcy may keep:
– $21,625 of equity in real estate, which is used as the primary residence.
– $3,450 of equity in one automobile.
– $1,450 of value in jewelry.
– $11,525 of value in household goods and furnishings.
– $2,175 in value, in any implements or tools of the trade.
The Orange County Chapter 7 debtor may also retain any unmatured life insurance policy he owns, other than a credit life insurance contract. The Orange County Chapter 7 debtor may also retain his entire balance of retirement accounts, pensions and 401(k)s that are determined as qualified by the Internal Revenue Code.
If an Orange County Chapter 7 bankruptcy filer does not own a house, or has little or no equity in one, he can have a “wild card” of up to half the value of the real estate exemption, or $10,812, that can be applied toward anything the person owes (including money in checking and savings accounts). A couple married and filing taxes jointly can double the amount of exemptions mentioned above.
To make your bankruptcy successful, you need an specialist to guide you through your case and help you maximize the bankruptcy laws in order to obtain a fresh financial start. Our award-winning lawyers at The Law Office of Harold D. Thompson are Bankruptcy Lawyers in Orange County who will help you recover from your financial problems. Please call our office at 888.665.8330 for a free-no hassle consultation, download a copy of our free California Guide to Bankruptcy or find out how you can become a client right now. We are proud to serve all of Orange County including Anaheim, Santa Ana, Fullerton, Huntington Beach, Costa Mesa, Newport Beach and Garden Grove.
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