Law Offices of Adam D. Woolsey
What Can I Keep?
If I file, What Can I Keep?
It depends largely, on what Chapter of Bankruptcy you file and how much debt/assets you may have.
However, generally, if you file Ch. 13, you can keep everything. If you file Ch. 7, you may keep your “exempt” property, which may also be everything. Tell Me More about Exemptions.
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Federal Bankruptcy Exemptions:
United States Bankruptcy Law is uniform all over the country, except that asset exemptions vary across states. The Federal Bankruptcy Exemptions are contained under 11 U.S.C. Section 522.
California Exemptions:
California is one of several states, that "opted out" of the Federal Bankruptcy Exemptions under 11 U.S.C. Section 522. Instead of the Federal Bankruptcy Exemption System, California has chosen to allow its' residents to choose between 2 different exemption menus of asset protection. These exemption menus are found in Sections 703 and 704 of the California Code of Civil Procedure. (You must use one or the other, CCP 703 or CCP 704. You cannot "mix and match" menus a la carte.)
California Code of Civil Procedure (Cal. CCP) 703.010-703.140 contains Wild Card Exemptions; Cal. CCP 704.010-704.210 contains General Exemptions; Cal. CCP 704.710-704.850 contains Homestead Exemptions; and Cal. CCP 704.910-704.995 contains Declared Homestead Exemptions.
In most states, the largest asset exemption is the “homestead” exemption for equity in owner-occupied homes, which ranges from zero in a few states to unlimited in Texas, Florida and four other states. In states with high homestead exemptions, debtors can keep multi-million dollar homes when they file for bankruptcy. They can also keep other types of assets, as long as they convert these assets into home equity before filing.
Call 1 (877) 865-1834 to schedule a CONFIDENTIAL NO-COST Consultation with a United States Bankruptcy Attorney near you!
Submit a CONFIDENTIAL ONLINE QUESTIONAIRE Now!