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Roseville Debt Attorneys

What Is a Debtor Exemption?

What are bankruptcy exemptions? U.S. bankruptcy laws recognize that taking all assets and liquidating them can be overwhelming to the debtor — and prevents the debtor from getting the fresh start they need. Therefore, you may be able to retain many of your assets through your bankruptcy. Talk to a bankruptcy lawyer at Cecil Cianci Law, PC in Roseville, California, about bankruptcy exemptions and how they will affect you.

Contact us at (916) 675-3866 for a bankruptcy consultation with an attorney.

Can I Keep My Car and House If I File for Bankruptcy?

After bankruptcy, you still need a place to live and a way to get to work. If your house meets specific equity requirements and your car is beneath a certain value, both assets may be exempt from liquidation. The object of the law is to provide you with what you need to get a fresh financial start, without allowing you to profit from a Chapter 7 bankruptcy. An experienced attorney can explain the calculations used to determine home and car values.

What Assets Are Exempt From Liquidation?

There are a couple types of assets that won’t be available for liquidation during your bankruptcy case:

  • Retirement accounts and pensions are exempt in bankruptcy. Bankruptcy exemptions include retirement accounts and pensions. That is why your bankruptcy lawyer will discourage you from using a retirement account to pay off some of your debts.It is rarely a good idea to use money put aside for retirement to pay off current debt. That may simply postpone a bankruptcy for a short time and cause problems in your future.
  • Other bankruptcy exemptions include clothing, jewelry, furniture, and other items. Items of significant value likely will not be exempt, but the things you need for daily life will probably be exempt. Fur coats and large diamonds will most likely be liquidated to pay off your debts unless you're able to use a wild card exemption. Wild card exemptions may be granted to allow debtors to retain a high-value asset with significant value to the debtor, such as a family heirloom. Items such as wedding rings and most clothing are exempt. Contact an attorney about your personal property and exemptions.

A lawyer can explain how to best use your exemption rights.

At Cecil Cianci Law, PC, our Roseville debtor exemption attorneys can help you understand what assets you have that will be considered exempt from liquidation in your bankruptcy. Contact us online or give us a call at (916) 675-3866 to receive a personal consultation and learn more.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Client Success Stories

  • Jaime B.

    Sensitive to needs with my children, my time and my dollars

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    Helped me feel safe, important and always had my back

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    I've never met an attorney I felt I could trust like Melissa

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    She will ensure that you're taken care of

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    Has your best interest at heart and cares

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    A seamless process thanks to Melissa and the team of attorneys and support staff

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    Extremely knowledgeable, organized and professional!

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    A truly personal and professional attorney

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    Could not be happier with the help they offered me through a tough time

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    I felt cared for and protected

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    Made both sides feel extremely comfortable with the agreement and outcome

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    Does her "homework" to best represent her client

What Makes Us

  • Big Firm Experience, Small Firm Approach
  • Unique Approach & Personalized Strategy For Every Case
  • Helping You Maintain Your Way of Life After Divorce
  • Educate Our Clients So They Can Make Informed Decisions
  • Transparent Representation Based on Honesty & Integrity
  • Over Six Decades of Combined Experience

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