Can Bankruptcy Protect You and Your Property?

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Can Bankruptcy Protect You and Your Property?

Bankruptcy is a legal way to get rid of your debts. You can get rid of a huge amount of unsecured debts while protecting your exempted assets from going under the hammer. When you file for bankruptcy, Los Angeles based bankruptcy law firm Recovery Law Group lawyers enlighten that any collection action including foreclosure, wage garnishment or bank levies are put to an end. You have access to your financial accounts and with the bankruptcy petition, any wage garnishment done 90 days prior to filing can be returned and taxes levied, refunded.

Another advantage of filing for bankruptcy is protecting your home against foreclosure. When you have a financial crunch, making payments on a mortgage can become difficult. In case, you have fallen behind on your mortgages, there is a possibility of the creditor foreclosing on your home. However, bankruptcy filing puts an end to the worry of foreclosure too. In fact, bankruptcy is the best tool to save your home. Chapter 13 also offers you a chance to catch up on past arrearage through the repayment plan. Unless a sheriff sale has taken place, bankruptcy can be the best tool to prevent your home from being taken from you.

Both federal and state government allow certain exemptions in personal property of the bankruptcy petitioner. When you file for bankruptcy, you can effectively save a lot of your assets while getting rid of several unsecured debts. Various exemptions available include automobile, homestead, household items, retirement plans, insurance, tools of trade, etc. In case you wish to protect your property while getting rid of your huge debts, filing for bankruptcy is the best option. Call 888-297-6023 to consult with bankruptcy lawyers regarding the protection of your assets while getting rid of your debts.