Property You Keep
How much property you can keep when you file bankruptcy San Diego, is dictated first and foremost by your applicable bankruptcy exemptions. Exemptions refer to what property you keep when you file for bankruptcy relief. In most cases, with the help of a lawyer, you can keep most or all of your property:
• You can keep your home in bankruptcy.
• You can keep your car in bankruptcy.
• You can keep your bank accounts in bankruptcy.
• You can keep your retirement account in bankruptcy.
• You can keep receiving your social security in bankruptcy.
• You can keep your household goods and other personal effects.
Your Business
Whether you can keep your business when you file for bankruptcy San Diego, depends upon the nature and amount of assets owned, and debts owed, by your business. If your business owns too many assets under bankruptcy law standards, then your lawyer will advise you, in advance, that you cannot keep your business. Make sure to discuss all of the details of your business with your attorney so you can receive an informed legal opinion.
Rental Property
Whether or not you can keep your rental property in bankruptcy San Diego, depends upon your circumstances, including whether you are behind on your payments, whether your rental property is cash flow positive or cash flow negative, and a good faith test.
Timeshare
When you file bankruptcy, timeshare interests that you hold are treated much like a real estate or car lease, you can usually elect to assume the contract and keep your timeshare interest.
Liquor License
If you own a liquor license for your San Diego County business, your liquor license is critical to the running of your business and sustaining your livelihood. Legal treatment of your liquor license in bankruptcy depends upon whether you file under Chapter 7 or Chapter 13, and, quite often, the level of experience of your bankruptcy attorney in preparing and presenting your case to the court.
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