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California bankruptcy exemption rules can help some

In California, when a person finds that they are unable to repay the debts that they owe, they may consider filing for a personal bankruptcy. This filing can be a good choice because of the protections offered by the bankruptcy exemption rules that apply to each case. These rules allow for some people to keep the property that they own when they file.

Beyond consideration of bankruptcy exemption rules, some seek to file for a personal bankruptcy in California to avoid foreclosure. Though the property may not be protected under the exemption rules, a foreclosure can be forestalled during the bankruptcy. This can allow people time to renegotiate terms of a loan or make other decisions regarding their real property.

However, if a foreclosure action is completed outside of the bankruptcy, some people have found that they must wait before retuning to homeownership. Now, it may be the case that the time that must pass will lessen. This is good news for those who found that they could not protect their homes from foreclosure with a bankruptcy filing, or those that decided that they would not be able to save their homes despite the protections offered in bankruptcy.

When a person in California decides to file for a personal bankruptcy, one of their first steps should typically be to review the applicable bankruptcy exemption rules so that they can determine what property can be protected during the process. After that, the appropriate chapter of the Code should be selected. Each of these efforts can lead to the successful conclusion of the bankruptcy process and the ability for people to come out of the bankruptcy able to obtain new credit or buy a home fairly quickly.

Source:, Mortgage rules loosened for some foreclosure victims, Adam Van Brimmer, Aug. 26, 2013

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