Sacramento Bankruptcy Lawyers Get Answers to Questions Concerning California Bankruptcy Exemptions, Student loans and Bankruptcy

Sacramento Bankruptcy Lawyers Student Loans

Many of our clients who speak with our Sacramento bankruptcy lawyers (probably 70%) want to know about “student loans”… Unfortunately for you and many, many others like you, student loans are generally non-dischargeable in Chapters 7 and 13 bankruptcy cases unless the client can establish undue hardship. Establishing undue hardship requires you or your lawyer to file an adversary proceeding in the bankruptcy. The courts have a set of standards or rules that must be met in order to meet their definition of “hardship”. These standards are difficult to meet. In most successful cases, the individual requesting a discharge from their student loan has children and the loan would be factored against that child having food, shelter, et. It is best in these cases to consult with our specially trained Sacramento bankruptcy lawyers, who have knowledge in these areas. It is to your advantage to expect that they will not be discharged and then act accordingly.

How Our Sacramento Bankruptcy Lawyers Can Help You Decide if Bankruptcy is Right For You

If you are curious about possible and/or potential exemptions, the California Bankruptcy Exemptions protections: Section 704 and 703 delineates the protections for individuals who have resided in the State of California. It’s rather dry reading, but if you want more information those two are the source material. Naturally, all of this can and should be discussed with your Sacramento bankruptcy lawyer, who will explain, in depth, these protections with you. In short, bankruptcy exemptions are properties that you own that you are allowed to keep, regardless of what unsecured creditors have liens against. Common exemptions in California are properties that you “occupy” and own outright, such as your home. California has monetary limits imposed upon properties, unlike some states that allow you to retain million dollar mansions. You may also keep a vehicle if its value is below $2750 and jewelry and other heirlooms that are worth less than $7,715.

Note: Courts will not allow your property to be seized if you own it outright unless you have otherwise pledged it as collateral against a loan of some sort. Contact Our Sacramento Bankruptcy Lawyers To Find Out More Here

As Sacramento bankruptcy lawyers we can help you determine if you qualify and which bankruptcy chapter or chapters that would be most beneficial and the best fit for your individual situation. We will look over your financial picture, what you own, what you owe, and what your financial outlook is for the next few years so that we can advise you in the most appropriate form of bankruptcy for your needs.

If you are wavering between two types of bankruptcy—or even if you just want help with debt negotiation or settlement, give us a call today. We try to provide a good deal of information through our website, but it is always best to speak our Sacramento bankruptcy lawyers directly.

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