Bankruptcy Law/exemptions?

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Expert: - 1/20/2009


Question

Hello,

I am about 40K in debt between medical bills and exhausted credit cards.  I lost my job, and things are not looking up at all.

I do not own a home.  I do not have many material assets.  

The only things that i do have besides the clothes on my back are:

tools:  not many, and not very expensive ones either

a truck: a 1997 Yukon that is worth about 2K.  It is beat up and tired.  I've tried to sell it for 1900 and couldn't even get that for it!

a project boat: this was a gift from a buddy.  its a 1989
19ft boat, that does not run and is worth about 1K.  it is in horrible shape.

a car: its a 1997 Mazda Millenia.  I got it for 800 bucks and put a transmission in it so i could drive it.  its worth about 2700 in this market. its the only nice thing i own.

My dilemma is that I cannot afford an attorney.  I am broke, out of work, and going to school full time.  I don't have much, but would really like to keep the few mediocre items above that i have collected. Is there anyway that you suppose i may be able to hold on to the above items?

any help with this would be greatly appreciated.  I'm going to be doing my BK myself, and i am pretty lost right now.

Thanks


Answer

Leon Bayer
When a person files bankruptcy, there are various rules that determine what a person is allowed to keep. It depends on where your case is filed, (most of these rules depend on local state laws rather than Federal bankruptcy laws), and the other assets that a person has.

Without having a detailed consultation with someone, it isn't possible to answer a question as specific as yours is. Almost all bankruptcy lawyers charge nothing for an initial consultation, so you can see a local attorney and you should be able to get an answer for your question. If you want to do some general reading on the subject, start with my Guide at: http://www.debt-relief-bankruptcy.com/faq-browse11-5/bankruptcy-guide.asp

Good luck to you, I hope you successfully finish your schooling, and I hope the new year brings you success.

Los Angeles Bankruptcy Lawyer Leon D. Bayer

Expertise

Leon Bayer has successfully represented clients in bankruptcy for over 30 years. He is frequently called upon by the media, the California Bar and other associations to provide insight and help educate attorneys on bankruptcy issues. If you or other readers want to keep up with my blog postings about life in and out of bankruptcy, you can follow my blog at http://www.bankruptcyblogger.org/ and my personal web site at http://www.debt-relief-bankruptcy.com and A Human Guide to Bankruptcy at http://www.thebankruptcyguide.net/ Leon also writes about bankruptcy law for Nolo, see http://www.nolo.com/law-authors/leon-bayer.html and his "Ask Leon" bankruptcy law blog column at http://blog.nolo.com/bankruptcy/

Experience

Leon is a Certified Specialist in Bankruptcy Law by the State Bar of California, and has been a practicing bankruptcy lawyer in Los Angeles, California for 33 years.

Organizations
National Association of Consumer Bankruptcy Lawyers, California Bar Association, Los Angeles County Bar Association.

Publications
Author, ?The Essentials Of Chapter 13,? Daily Journal Report, December 18, 1987.
Contributing Editor, Basic Bankruptcy, California Practice Handbook, Matthew Bender 1992, 1993.
CEB Consultant, CEB-Personal and Small Business Bankruptcy Practice in California, 2003.


Education/Credentials
B.A., J.D.

Awards and Honors
President, 1995-1996-Los Angeles Bankruptcy Forum; Member - Los Angeles County Bar Association Committee on Commercial Law & Bankruptcy, 1988. Law Advisory
Commission-Personal & Small Business Bankruptcy Law of the State Bar of California, 1996-2000

MR. BAYER SAYS: The big banks and credit card companys have been working overtime for many years to undermine the Consitutional right of the American people to be able to claim bankruptcy protection. In 2005 the banking lobby successfully convinced Congress and the President to make the laws and proceedures more complicated, hopeing that it will stymie legitimate people from filing bankruptcy. They succeeded in gaining these complex new legal proceedures by greasing the legislative system with hundreds of millions of dollars in "campaign contributions." The good news for the American people is that while the new laws have made the proceedures needlessly complex to the point where inexperienced people can't help but trip over the maze of new rules and regulations, the process is still doable, especially with a lawyer who is well trained and experienced in this specialty.

Past/Present Clients
I have probably handled something on the order of about 15,000 bankruptcy cases thropughout my career.

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