san-diego-legal-services-faq

Michael B. Sachs, Attorney

(760) 202-2700

EXPERIENCED CALIFORNIA BANKRUPTCY ATTORNEY

San Diego | Riverside | Orange | Los Angeles

Will I lose my property?

Filing bankruptcy does not mean that you will lose any property. Although a Chapter 7 bankruptcy is referred to as a "liquidation", the majority of the cases are in fact classified as "no asset" cases. This is not because the debtor did not own any property. Either all the debtors property was encumbered by liens, or the property was considered exempt. This classification will be discussed in more detail during your free consultation.

Will I lose my car?

If there is a loan on your vehicle you will generally be afforded an opportunity to keep that vehicle and keep making payments on it in a Chapter 7 case. If there is no loan on your vehicle you may or may not be able to retain the vehicle, depending on a number of factors that would be discussed in more detail during your consultation.

If you file a Chapter 13 you may be able to effectively refinance the vehicle loan and pay a reduced amount at a lower interest rate. There are a number of factors including when you purchased the vehicle and the value of the vehicle and other facts. This will be discussed in more detail during your consultation.

Will I lose my house?

A Chapter 7 will delay a foreclosure but it will not stop it. IF you qualify to file a Chapter 13 you may be able to take steps to both delay the foreclosure and save your home. A consultation would be required to determine if a Chapter 13 would be appropriate in your case.

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Please note:

The information you obtain on this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.