Bankruptcy Exemptions – What You Can Keep
When considering bankruptcy, your first concern may be for assets you fear losing. But each bankruptcy is unique. Liquidation may not be required, and even if necessary, a Los Angeles bankruptcy law attorney can help maximize your exemptions to keep your assets.
Let Our Los Angeles Bankruptcy Attorneys Fight to Protect Your Property
Oaktree Law attorneys specialize in California bankruptcy law. We can evaluate your circumstances and consider ways to reorganize debt that will help protect property your family cherishes. As a preeminent Southern California bankruptcy law firm listed in hg.org, TopLawPractices, and rated A+ by the Better Business Bureau, Oaktree Law can give you answers and needed legal guidance to get you through this difficult time.
Contact us or call 800-535-1627 if you have questions about the exemptions California bankruptcy law would permit in your case.
What You Can Keep In Bankruptcy
Chapter 7 bankruptcy is likely to result in the liquidation of some nonexempt assets. But Chapter 13 bankruptcy and Chapter 11 bankruptcy are both considered reorganization efforts with repayment plans. With these two bankruptcies, liquidation may be avoided.
In all chapters, California permits generous exemptions for the following:
- The value of your home
- The value of your automobile
- Appliances, furniture, clothing and other household goods
- Social security deposits, and up to 75% of gross household wages
- Home improvement materials
- Jewelry, heirlooms and art
- Payments from personal injury or wrongful death suits
- Health and unemployment benefits
- Life insurance proceeds
- Business and professional licenses
- Property of your business partnership
- Tools of your trade
- Pensions and other retirement benefits
- Workers’ comp and union benefits
- Veterans benefits
There are more exemptions than those listed here. The state of California allows you to choose from one of two sets of exemptions. Our skilled Los Angeles bankruptcy attorneys can help you understand how each set would affect your own bankruptcy case.
Knowledgeable Los Angeles Bankruptcy Attorneys Working for You
Contact us or call 800-535-1627. Filing for bankruptcy does not mean you will be left empty-handed. Find out which assets can be shielded in your case.