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Is My Property Protected?
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Bankruptcy in Los Angeles

Is My Property Protected?

How will bankruptcy affect your property and assets? This is an important issue that a  Los Angeles bankruptcy attorney at our law firm can help you address. California, like every state, has particular bankruptcy exemptions allowed to debtors who are seeking relief through Chapter 7 bankruptcy. These exemptions apply to particular property and assets that will be protected from surrender to the bankruptcy court and liquidation to pay off creditors.

In California, there are two different exemption systems. A debtor may choose between these, depending on his or her particular needs and concerns. Following are some of the types of property or assets that may be exempt:

  • Real property the debtor occupies, to a certain value
  • Motor vehicle, to a certain value
  • Food, clothing, furniture, animals, books, musical instruments and appliances to a certain value
  • Jewelry and heirlooms
  • Health aids
  • Burial plot
  • Personal injury or wrongful death recoveries
  • Wages, to a certain amount
  • Social security deposits, to a certain amount
  • Pensions for certain types of employees
  • Workers' compensation, unemployment, health, disability or financial aid benefits
  • Tools of the trade, to a certain value
  • Spousal support and child support
  • Tax exempt retirement accounts

Los Angeles Bankruptcy Lawyer

Just because you are considering debt relief by filing for bankruptcy, this does not mean that you will lose all of your property. Getting information about what property will be protected when you file for bankruptcy is important and may impact your decision to file in the first place. Let an experienced lawyer explain this issue to you and help you make the right decision about moving forward with a Chapter 7 case.

Contact a Los Angeles bankruptcy lawyer at our law offices to get started.

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