By Ryan C. Wood

One of the biggest myths about bankruptcy is that the Bankruptcy Court will take all of your stuff.  At West Coast Bankruptcy Attorneys we discuss in detail the things you own and whether they can be protected or not by Bankruptcy Exemptions.  There are cases in which not all assets can be protected, in those situations settling with the Chapter 7 trustee assigned to your case could be the remedy, or filing a Chapter 13 bankruptcy to protect the assets may be best.

The most expensive asset most people have is there home.  Given the mortgage crisis and the crash of the housing market almost everyone in need of bankruptcy services no longer has any equity in their home to protect.  Remember, if you owe more on your mortgage than the fair market value of the house, the house is not worth anything

The next most expensive asset most people own is their vehicles.  If the vehicle is paid in full and there are no loans on the vehicle, it would be worth quite a bit of money.  The best way to determine how much a paid in full vehicle may be worth is to visit a Kelley Blue Book at www.kbb.com.  Kelley Blue Book will provide the value of the vehicle depending upon mileage and condition of the vehicle, excellent, good and poor.  Usually with California’s generous vehicle and wild card exemptions will protect all vehicles.

There are many types of bankruptcy exemptions available to protect assets such as household goods, jewelry and the money held in bank accounts.  Without the experience counsel of our bankruptcy lawyers your assets could be lost to your bankruptcy estate.  Contact us today toll free at 877-963-9543 and schedule a free consultation with our best bankruptcy lawyers.