What Can You Keep After Bankruptcy? Top-Rated Attorneys in Los Angeles

What Can You Keep After Bankruptcy?

A common bankruptcy myth is that you must give up all of your property if you file for bankruptcy. In fact, many people who file for bankruptcy are able to keep everything they own while enjoying protecting from creditors and debt relief.

If you have questions about what you can keep in a bankruptcy, the attorneys at Resnik Hayes Moradi LLP , are here to provide answers. We have helped numerous clients throughout the Los Angeles area achieve debt relief while keeping their property. Call (213) 344-0043 or contact us online for a free consultation with a California bankruptcy lawyer. It could be your first step on the road to debt relief.

Keeping Your House and Car in Bankruptcy

Your house: The law provides many options for saving your house from foreclosure. Filing for bankruptcy stops foreclosure immediately. In a Chapter 7, your house will likely be exempt from being seized. If you file for Chapter 13 bankruptcy, you will have three to five years to pay and cure your past-due mortgage payments (“arrears”).

Your car: Bankruptcy stops car repossession. If your car was already repossessed, bankruptcy may help you get it back. Whether you can keep your car permanently depend on your specific circumstances. In a Chapter 7, you may be able to keep your car if you keep up to date on payments or even reaffirm the note with a possible reduction in balance. If you file for Chapter 13, you will likely keep your car and may even qualify for an auto loan cram down.

Other Items You Can Likely Keep

In addition to your car and your house, bankruptcy will generally allow you to keep such property as:

  • Household goods and furnishings
  • Personal belongings
  • Checking and savings accounts
  • Pension
  • 401(k) account
  • Tools of the trade
  • Social Security benefits
  • Unemployment compensation
  • Welfare benefits
  • Other real estate, including rental property

These exemptions are subject to value caps and may change as bankruptcy law evolves. For information about what you can and cannot keep in a bankruptcy, it is important to consult with an experienced bankruptcy lawyer.

Contact Us

For a free initial consultation about filing for bankruptcy with Resnik Hayes Moradi LLP , call (213) 344-0043 or contact us online. Our offices are open weekdays from 7:00 a.m. to 7:00 p.m., and we serve clients in the Los Angeles area and San Fernando Valley through offices in Sherman Oaks and Los Angeles. Se habla español!

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Testimonials 

See What Our Clients Have to Say 
  • He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults.

    “Fantastic office! I want to thank Matt for taking his time with me and sincere in his assistance. He spent over an hour with me for free during our initial consult. I left knowing exactly what's ...”

    - David K.
  • He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own.

    “I worked with David Kritzer at this firm, and he was great. He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own thanks to ...”

    - Kelly S.
  • I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home.

    “I needed a bankruptcy attorney in Sherman Oaks and found Matt Resnik on Google. He has one of the best-reviewed bankruptcy law firms on Yelp so I decided to check it out his law firm for myself. I ...”

    - Joseph R.
  • These are top-notch pros that'll have your back. I cannot recommend them highly enough.

    “Where to begin? I had a vile evil credit union repo my car over a misunderstanding, they wouldn't work with me even when I offered full payment plus repo fees (this was my first repo!) so I didn't ...”

    - Tim C.
  • They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life.

    “Matt and his team are the best!! They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life. I ...”

    - Rusty H.
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We Make Debt Relief Easy

Committed to making the process as stress-free as possible for our clients, our Los Angeles bankruptcy attorneys and dedicated staff will handle everything for you. From filling out paperwork through getting end results, we will work to help your case run smoothly and efficiently. We serve our clients in English, Spanish, and Farsi.