What are Exempt Assets?
This entry is part 7 of 10 in the series Chapter 7 FAQsExempt assets are assets the person filing for bankruptcy can shield from creditors and the bankruptcy estate. In other words, they are untouchable assets and yours to keep post-bankruptcy. In California,...
What is ‘secured’ debt?
This entry is part 8 of 10 in the series Chapter 7 FAQsA “secured” debt is a debt where you have pledged property (also known as “collateral”) to ensure your payment of the debt. In other words, if you are unable to pay the debt, the lender can take the collateral and...
Can I transfer or dispose of my possessions or property before I file bankruptcy?
This entry is part 9 of 10 in the series Chapter 7 FAQsYes, but only with proper bankruptcy planning and counseling. All transfers/gifts of property, refinances of property, and sales of property within 2-4 years of the bankruptcy filing must be disclosed on the...What is Chapter 7 Discharge in Bankruptcy?
This entry is part 10 of 10 in the series Chapter 7 FAQs At the end of a Chapter 7 bankruptcy an individual can receive his or her discharge. A Chapter 7 bankruptcy completes in about 3-4 months. The discharge means that all debts that are considered dischargeable are...Social
