Bankruptcy can help you eliminate many kinds of debts, but not all. Those
debts that can be eliminated are known as dischargeable debts. Upon receiving
a discharge, the debtor is no longer required to pay the specific debts,
and their creditors are prohibited from continuing collection efforts.
Some types of debts that are dischargeable in bankruptcy include; Medical
bills, Past-due utility bills, Credit card debts, Personal loans from
family, friends, and others.
There are many debts that a debtor still remains responsible for after
the bankruptcy process. Known as nondischargeable debts, this category
of debt includes student loans, alimony payments, child support, criminal
restitution, and certain unpaid taxes. Our experienced bankruptcy lawyers
can help you review which of your debts can be discharged by filing for
Protect Your Assets with Bankruptcy Exemptions
When considering bankruptcy, it's important to understand that not all
of your assets will be lost. Bankruptcy exemptions allow you to protect
certain property from being seized and sold to repay your debts. At Debt
Relief Legal Clinic, our experienced bankruptcy attorneys in San Diego
can help you navigate the complex laws surrounding bankruptcy exemptions
and ensure that you retain as much of your property as possible.
Some common bankruptcy exemptions include:
Homestead exemption: Protects the equity in your primary residence
Vehicle exemption: Allows you to keep a certain value of your car or other vehicles
Wildcard exemption: Provides additional protection for any property of your choice
Personal property exemption: Safeguards essential items such as clothing, furniture, and appliances
Retirement account exemption: Preserves your retirement savings
By utilizing bankruptcy exemptions, you can find relief from overwhelming
debt while still maintaining the assets that are most important to you
and your family.
Contact us today at
(619) 639-9228 to schedule a consultation and learn more about how we can protect your
assets through bankruptcy.
Knowing When Bankruptcy Is the Right Option
The decision to file for bankruptcy is an important one, and should not
be made without seeking the counsel of a certified bankruptcy specialist.
Although filing for bankruptcy can be a great way to get relief from overwhelming
debt, creditor harassment, foreclosure, and repossession, it is not right
for everyone. Before you choose to file for bankruptcy, consult with our
San Diego bankruptcy attorneys at Debt Relief Legal Clinic. We can help
you determine if you would benefit by filing for bankruptcy. Get on the
road to being debt-free by calling
(619) 639-9228 now. We’ve been helping clients get the relief they need since 1975.
Schedule your free case consultation today.