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Bankruptcy Exemptions & Protections

Bankruptcy can be a lifeline for individuals facing insurmountable debt, providing a legal way to discharge or restructure what they owe. One of the key aspects of bankruptcy is the exemptions and protections it offers, which help preserve essential assets while addressing financial obligations. At Shield Law Group, APLC, based in Los Angeles, we specialize in helping clients understand and utilize bankruptcy exemptions and protections effectively.

Benefits of Bankruptcy Exemptions & Protections


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Bankruptcy exemptions allow individuals to keep vital property such as homes, vehicles, and personal belongings, ensuring they can maintain a basic standard of living during and after the bankruptcy process. This protection helps individuals rebuild their financial lives without losing everything they own.

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The automatic stay provision halts most collection activities, providing immediate relief from creditor harassment, wage garnishments, and foreclosure proceedings. This gives individuals the necessary time and space to reorganize their finances and develop a plan for repaying or discharging debts.

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Bankruptcy can protect co-signers from being pursued for the debt and prevent the disconnection of essential utilities. Chapter 13 bankruptcy offers additional benefits by allowing individuals to catch up on missed mortgage payments, potentially avoiding foreclosure and maintaining homeownership.

Frequently Asked Questions


Bankruptcy Exemptions & Protections

What assets can I keep in bankruptcy?

The assets you can keep in bankruptcy depend on the exemptions available in your state. Common exemptions include a primary residence, personal property, retirement accounts, and necessary household goods. Consult with a bankruptcy attorney to understand the specific exemptions applicable to your case.

How does the automatic stay protect me?

The automatic stay is a legal provision that halts most collection activities as soon as you file for bankruptcy. This includes stopping creditor phone calls, wage garnishments, foreclosure actions, and other collection efforts, giving you relief from immediate financial pressures.

Can bankruptcy stop foreclosure on my home?

Yes, bankruptcy can stop foreclosure proceedings. Filing for bankruptcy triggers an automatic stay, which temporarily halts foreclosure actions. Chapter 13 bankruptcy offers a structured repayment plan that allows you to catch up on missed mortgage payments and potentially avoid foreclosure altogether.

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