What Can I Keep If I File Bankruptcy?
Many people mistakenly believe that if they file bankruptcy, they will lose all their assets. The truth is, bankruptcy laws are designed to give people in financial distress a second chance. They seek to help, not punish, filers.
Many assets are considered exempt under bankruptcy law. For specific information regarding what you are allowed to retain in a bankruptcy proceeding, talk to the lawyers at Simon Resnik Hayes LLP. Our firm has helped thousands of individuals and businesses regain control of their finances and build a foundation for a healthier financial future. Call our offices in Los Angeles and Sherman Oaks at 310-598-7365 or 888-368-4099 to arrange a free initial consultation.
Chapter 7 and Chapter 13 Bankruptcy Exemptions in California
Every bankruptcy case is unique, but generally, you are allowed to keep your:
- Household goods and furnishings
- Personal belongings
- Checking and savings accounts
- 401K account
- Tools of the trade
- Social Security benefits
- Unemployment compensation
- Welfare benefits
- Other real estate, including rental property
It is important to understand that many of the exemptions are subject to value caps. The laws governing exemptions are complex and frequently change. To ensure you are getting the most complete and current information, seek counsel from a bankruptcy professional. Our attorneys welcome the opportunity to meet with you and give you specific information that applies to your situation.
Let Our Experience Be Your Guide
To schedule a free initial consultation with a Los Angeles bankruptcy exemptions lawyer, contact our firm online. We are committed to helping our clients retain as many assets as possible while reaping the benefits of Chapter 7 or Chapter 13 bankruptcy. To best serve clients throughout Southern California, we maintain two offices: one in Los Angeles and one in Sherman Oaks.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.