loom legal

A Professional Corporation

Loom Legal, A Professional Corporation, is a debt relief agency as defined under Section 101 of the U. S. Bankruptcy Code. We help people file for relief under the Bankruptcy Code. The content on this site is for informational purposes only. Loom Legal uses a written contract for each client and will only be representing you if you and the law firm sign a written legal representation contract and you pay law firm for the bankruptcy legal services it performs for you.

Direct Line

(310)594 - 7646

A Professional Corporation

Providing Representation in Los Angeles County, San Diego County and Orange County.

Exemptions

 

Under both State and Federal laws, the Bankruptcy Code allows for exemptions. These exemptions allowed under the code, provide protection for specific personal and real property from creditors.

 

The policy behind exemptions is to protect the debtor and specific property of the debtor from creditors reach. While the dollar amount of the exemptions vary from property to property, bankruptcy provides many variations of protection to keep debtors from being stripped from all their belongings when filing for bankruptcy.

 

Such examples of exemptions are those provided for household goods, furnishings, tools of trades, clothing, electronics, personal property and real property. While not always infinite, the exemptions provide protection in the equity that might be available in specific assets.

 

As such, depending on the value of the vehicle, a car can be exempted and protected from creditors should it be owned free and clear. While the exemptions and the amounts vary, it is important not to fear that you will be homeless and propertyless should you file for bankruptcy.

 

Conversely, bankruptcy can often be times the only way to protect some of those assets from being stripped and sold.

 

Please contact us for specific exemption information at LoomLegal@gmail.com or contact us directly at (310) 261 - 2723.