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  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Will I Lose My Assets?

If you’re considering filing for bankruptcy, you might be wondering what will happen to your interests in property, investments, and other assets. It’s an important question because it can have a significant impact on your financial future.

First, let’s define what we mean by “interest.” An interest is a legal term that refers to your ownership or stake in a particular asset. For example, if you own a house, your interest in that house is the percentage of ownership you have. If you have a 401(k) retirement account, your interest in that account is the value of the assets you own within it.

Now, let’s talk about bankruptcy. When you file for bankruptcy, you’re essentially asking a court to help you eliminate or reduce your debts so that you can start fresh. There are two main types of bankruptcy that individuals typically file: Chapter 7 and Chapter 13.

In a Chapter 7 bankruptcy, your assets are sold to pay off as much of your debt as possible. Any remaining debt is then discharged, meaning you’re no longer legally obligated to pay it. In a Chapter 13 bankruptcy, you create a payment plan to pay off your debts over a period of three to five years. At the end of the payment plan, any remaining debt is discharged. You typically will not lose any interests in property in a Chapter 13 bankruptcy since that is a repayment plan and not a liquidation bankruptcy.

So, what happens to your interests in property, investments, and other assets in bankruptcy? The answer is: it depends. Here are some scenarios:

Your interest is exempt: Depending on the state where you live, you may be able to exempt certain assets from bankruptcy. This means that the assets are protected and cannot be sold to pay off your debts. For example, some states have homestead exemptions that protect a certain amount of equity in your primary residence. If your interest in an asset is exempt, it will not be discharged in bankruptcy.

Your interest is not exempt but has no value: If your interest in an asset is not exempt and has no value, the trustee overseeing your bankruptcy case will likely abandon it. This means that the trustee won’t bother selling the asset because there’s no money to be gained from it. Your interest in the asset will be discharged.

Your interest is not exempt and has value: If your interest in an asset is not exempt and has value, the trustee will likely sell it to pay off your debts. For example, if you own a vacation home and have equity in it, the trustee may sell the home and use the proceeds to pay off your debts. Your interest in the asset will be discharged.

It’s important to note that bankruptcy laws can be complex, and the rules governing the discharge of interests can vary depending on your specific situation. If you’re considering filing for bankruptcy, it’s a good idea to consult with a bankruptcy attorney who can help you understand how your interests will be affected.

In conclusion, whether or not you will lose your property interests in bankruptcy depends on a variety of factors, including whether it’s exempt, whether it has value, and whether the trustee overseeing your case decides to sell it. If you’re considering filing for bankruptcy, it’s important to understand how your interests will be affected so that you can make informed decisions about your financial future.

Feel free to reach out to your Modesto bankruptcy attorney at 209-438-4990

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