
Los Angeles Bankruptcy Exemptions Attorney
Understanding What You Can Keep When Filing for Bankruptcy in CA
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 RHM LAW LLP. Our bankruptcy attorneys in Los Angeles have 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 Encino at (213) 344-0043 to arrange a 30-minute complimentary consultation.
Key Bankruptcy Exemptions: Chapter 7 & Chapter 13 in California
Every bankruptcy case is unique, but generally, you are allowed to keep your:
- Home
- Car
- Household goods and furnishings
- Personal belongings
- Checking and savings accounts
- Pension
- 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.
Contact Us for Guidance on Your Bankruptcy Options
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 Encino.
To schedule a 30-minute complimentary consultation with a Los Angeles bankruptcy exemptions lawyer, contact our firm online.

RHM LAW LLP
Meet Our Los Angeles Bankruptcy Specialists
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M. Jonathan Hayes Senior Counsel
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Matt D. Resnik | Managing Partner Certified Bankruptcy Specialist
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Roksana D. Moradi-Brovia | Partner Certified Bankruptcy Specialist
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W. Sloan Youkstetter | Associate Attorney Certified Bankruptcy Specialist
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Russell J. Stong III | Associate Attorney Certified Bankruptcy Specialist
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David M. Kritzer Associate Attorney

Client Reviews
What Clients Say About Working With Us
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Thank you for your great work on behalf of Ms. Johnson. Without the support of pro bono attorneys we couldn't do all the work we need to do, and your firm in particular is outstanding.
- Skip K. -
Dear Mr. Resnik: We wanted to thank you for your professional handling of our loan modification with GMAC mortgage. We are very happy that you were able to accomplish the modification of our loan in such a short period of time. Thank you again for your professional service.
- W and B Mejia -
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 quickly found out that they are foreclosure specialists and they could help me with my issue. They made the process very easy for me and laid out my options for me. 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. They are the best bankruptcy law firm in Sherman Oaks.- Joseph R.
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This is to thank you for the exceptional work of you and your fine staff. In managing my bankruptcy and loan modification, a nearly five-year effort, your performance was stellar. I never felt alone or adrift, key concerns in those circumstances. The outcome was outstanding. As the dank blanket of economic uncertainty continues to depress the hopes of many of us, I keep your business cards and number available for others. Without hyperbole, I can attest that you are present a beacon. Thank you so much.- K.C.
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I filed bankruptcy with this firm 3 years ago and found that they are professional, friendly, and compassionate. I also met with their loan modification department. Unfortunately, they were unable to help because of the type of loan that I have. I really appreciated that they did not lie, waste my time, or take my money in an attempt to modify a loan that was not doable. I've since used their firm for a couple of minor issues and found all of the attorneys to be knowledgeable and considerate. Attorneys Simon and Resnik are amazing!- Shannon J.
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Was very impressed with the comprehensive professionalism of the firm, especially Matthew Resnik... I had suffered through the incompetence of two previous bk lawyers not to mention fees far greater than anticipated, without resolution. Having never gone through bk before, I did not realize how difficult it could be...then, my case was turned over to Mr. Resnik...almost immediately there was a marked positive difference. Where there was little to no communication, all of a sudden I am getting updates...regularly. Further, my case was finally discharged...yet, Mr. Resnik continues to communicate, offer assistance...and, has NEVER asked for additional fees, which I am sure he could have justified...much unlike the two previous attorneys with which I was dealing. I have no reservations, whatsoever, referring and recommending Matthew Resnik for any and all business or personal bk issues...or, other wise. I have no doubt that he will be transparent on helping you regardless of the problem. Good guy.. good firm... a wonderful experience!
- G.L -
Matt is the best bankruptcy attorney in Sherman Oaks. I consulted with Matt over a chapter 7 bankruptcy. I had issues with overwhelming credit card debt after Chase increased it's APR for no reason. It set off a chain of events that were really hurting me. He made me feel like I had options, all was not lost, and I could rebuild my credit after the 7. I had some concerns about a piece of property I was having issues with and Matt also turned out to be a real estate lawyer as well! I recommend this office to anyone who is unsure of their financial situation. It doesn't hurt to find out your options.- Max B.
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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 needed. 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. Affordable and Outstanding firm and thank you for all you have done! My family thanks you!- David K.
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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 know what to do. I met with a few lawyers but when I met with Simon he broke things down and gave me my options. I needed a car - so I filed BK and included the car to get it back. The evil credit union fought and Simon GOT ME MY CAR BACK!!! His team is amazing!!!! Maria Donna etc!!! These are top-notch pros that'll have your back. I cannot recommend them highly enough. Sincerely they saved my life. LA with no car!? ARGH!!!!!! *THANX ALL!!!!- Tim C.

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A Summary of Bankruptcy Law: Third Edition
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Summary of Chapter 13