Are All of My Assets Exempt in Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is typically associated with the fresh start concept because it allows you to wipe out most of your unsecured debts and retain certain exempt assets.  Chapter 7 is a liquidation process in which a trustee is appointed by the Department of Justice who steps in, deals with your creditors and organizes assets of the estate, with authority to sell those assets that are not exempt in order to pay off your creditors. Once you file for bankruptcy protection the Court imposes an “Automatic Stay” against the commencement or continuation of any act by a creditor, including the IRS, to collect, garnish, levy or enforce a judgment against  you, without first obtaining  the required “Relief From Stay” to do so from the Court.  The Oakland Bankruptcy Lawyer has over 30 years of bankruptcy experience in representing both creditors and debtors in the United States Bankruptcy Courts, Northern District of California, and can assist you in deciding what is best for you and your family. The initial consultation (telephone) is free of charge.