Bankruptcy Exemptions in California
Can I Keep My Home?
When considering bankruptcy as a debt resolution option, it is important to understand the pros and cons, whether it is a feasible option for you, and how it will affect your future. Filing Chapter 7 or Chapter 13 bankruptcy could provide much-needed relief to those who are overwhelmed by their debt as well as help to resolve creditor harassment, lawsuits, wage garnishment, repossession, and foreclosure.
One concern that is common when inquiring about bankruptcy is what will happen to your assets. This is quite valid as Chapter 7, also known as "liquidation" bankruptcy can include selling certain assets to satisfy your creditors. In order to find out exactly what type of impact bankruptcy will have on your particular situation, it is in your best interests to discuss your financial issues with a highly qualified bankruptcy lawyer.
What items are considered bankruptcy exemptions?
In our state, there are standard exemptions in bankruptcy such as:
- Occupied homestead (certain restrictions apply)
- Vehicles up to $20,000
- Household furnishings and equipment
- Jewelry up to $1000
- Burial plot
- Prepaid funeral plans
- Certain pensions
- Public benefits
- Work tools and equipment
- Life insurance
These are very basic examples of exemptions, but for detailed information, a skilled legal representative at The Law Office of Nikki Farris can help. We are a firm with over a decade of experience in providing effective bankruptcy and debt management solutions to individuals and families. Our goal with each and every client is to help you become debt-free and to provide you with workable options to relieve the stress of unmanageable debt. There is a brighter future waiting for you and we are standing by to help create it.
Contact our Chico office now to learn how your property and assets may be affected by filing bankruptcy.
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