California Bankruptcy Exemptions
What Can I Keep If I File Bankruptcy?
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 risk-free consultation.
Chapter 7 & Chapter 13 Bankruptcy Exemptions in California
Every bankruptcy case is unique, but generally, you are allowed to keep your:
- Household goods and furnishings
- Personal belongings
- Checking and savings accounts
- 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.
Let Our Experience Be Your Guide
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 risk-free consultation with a Los Angeles bankruptcy exemptions lawyer, contact our firm online.
M. Jonathan Hayes Certified Bankruptcy Specialist
Matt D. Resnik | Managing Partner Certified Bankruptcy Specialist
Roksana D. Moradi-Brovia | Partner Certified Bankruptcy Specialist
W. Sloan Youkstetter | Associate Attorney Certified Bankruptcy Specialist
Russell J. Stong III | Associate Attorney Certified Bankruptcy Specialist
David M. Kritzer Associate Attorney
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.