Bankruptcy Exemptions

What Property Can I Keep?

What property can you keep or protect under bankruptcy law? You are entitled to keep assets provided you can protect or exempt them under the law. The law pursuant to section 703 or section 704 California Code of Civil Procedure outlines which property you can keep or protect. The Lawyers at Brooks & Carpenter will advise you on how to Exempt or protect your Assets.

After you have decided to declare Bankruptcy, you will have to determine whether Chapter 7 or Chapter 13 is best for you. Unless your assets are exempt, the trustee may liquidate certain assets to distribute to your unsecured creditors. Federal and State law is available to protect certain of your assets.

Real Property: Your home and some types of other land may be protected from creditors depending on the value of the property and the amount of the liens on the property. If there is no equity (for example, the total liens are greater than the current market value) you may keep the property if you keep the loan(s) current. If there is equity, then careful bankruptcy planning with your attorney may still protect your home.

Personal Property: including furniture, wearing apparel, jewelry, family heirlooms, tools of the trade, sporting goods, health aids such as rehabilitative equipment, walkers, wheelchairs, eye glasses, and hearing aids, religious materials, most life insurance policies; bicycles; guns, and all ERISA qualified retirement plans may be protected. Also, vehicles, cash and tax refunds can be exempted - it all depends upon the value of your assets. You must meet with an experienced Bankruptcy Attorney to go over all of your Assets prior to filing bankruptcy.

Note: You will need an experienced bankruptcy attorney to fight for your rights and your exempt property when you file for Bankruptcy Protection.

The bankruptcy attorneys at the Brooks & Carpenter law firm are some of the most experienced lawyers you will find. We meet personally with all of our clients and we go over all of your assets and help you Protect your assets by deciding with Bankruptcy Chapter may be best for you.

Call now to schedule an appointment for a Free Consultation at Brooks & Carpenter.