California Bankruptcy Lawyer - The Best Defense For You And Your Assets

Retaining a California bankruptcy lawyer may be the best decision you can make if you have decided that bankruptcy is the right choice for you

. You may be tempted to purchase a "do-it-yourself" software package rather than retaining a lawyer. This version seems simple and straightforward, right? Fill out the forms, print, and send them in. Before making that purchase, you should know that the ramifications of some of your answers are not as simple as they seem. If you do not meet the restrictive exceptions of your state or circumstance, the court may dismiss your case, wasting your time and money.

A California bankruptcy lawyer can explain your options and translate the guidelines in clear, non-technical terms. For instance, do you understand the differences between secured and un-secured debt? Did you know there are several categories of property? The type of debts you have, dictate whether, as an individual, you will file Chapter 7 or Chapter 13. An experienced lawyer can easily walk you through the process of listing your debts, defining them as secured or unsecured and discuss which assets can be declared exempt. They can explain creditor rights in a way that helps you make the best, informed decision possible.

Though most guidelines for bankruptcy are the same nationwide, there are some exceptions that vary from state to state. California takes it even further than most. They have a California Exemption-System 2 in addition to the Federal system. This is similar to the federal system, but with variables that include Homesteads, Pensions, Wages and Wildcard statutes. A California bankruptcy lawyer can explain the differences between these two systems and define specifics of California Bankruptcy Code, especially as it pertains to which assets are subject to liens. They will help you understand the differences between redemption, reaffirmation and surrendering of assets.

For many individuals who choose bankruptcy, it is a way to achieve a fresh start. Despite common belief, you usually do not need to give up your home or car. Credit cards are not automatically cancelled. Credit, while affected, is not destroyed and it does not need to take ten years to rebuild. When you retain a California bankruptcy lawyer, you have someone in your corner who is experienced and knowledgeable. They understand the most recent changes in the law and can help use it to your best advantage. They help you decide what option is right for you.

by: Thomas Fanelli

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