What Can I Keep In Bankruptcy? Ask A Bakersfield Attorney

In Chapter 7 bankruptcy, some of your assets may be sold, with the proceeds going to your creditors. The point of Chapter 7 bankruptcy is not to punish people; rather, it is to help people in financial trouble to get a clean slate. Therefore, certain types of assets are excluded, or exempt, from liquidation. As a result, one of the biggest questions any person filing for bankruptcy asks is: what can I keep? A bankruptcy attorney can answer that question and many others.

I am Steven Stanley. From my office in Bakersfield, I help people across Kern County through the Chapter 7 bankruptcy process. You can count on me to tell you what, if any of your assets, you could lose in a bankruptcy filing. Having represented thousands of people in bankruptcy cases, I understand the exemption laws and how to help you keep as much of your property as the law allows.

Kern County Bankruptcy Exemptions Lawyer

While bankruptcy is a federal law, each state is allowed to decide on its own list of exemptions. California has two sets of exemptions. One set of exemptions is typically chosen by people who have equity in their home. Another set of exemptions is typically chosen by people who do not own a home, or do not have any equity. It is important to understand that exemptions refer to the value of a piece of property, and not what you paid for the property.

Under the so-called "homestead" exemptions, you may be able to keep the following:

  • Up to $75,000 in equity for your primary residence, or $100,000 in equity for a married couple. If you are 65 or older or disabled, up to $175,000 in equity is exempt
  • Up to $2,900 in the value of motor vehicles
  • Exemptions for personal property used in a business, life insurance, public benefits, jewelry, family heirlooms and art

The other type of exemptions is known as "wild-card" exemptions. Under these exemptions, you can exempt the value of up to $26,425 in assets. In addition, there is a larger vehicle exemption under the wild-card exemption, allowing people to exempt the value of $5,100 worth of vehicles. Every person's situation is different. I will examine your property and help you decide which set of exemptions is best for you.

Contact The Law Office Of Steven M. Stanley

My law firm offers a free initial consultation to discuss the facts about bankruptcy. Call 661-578-5149 or email my law firm to get started. Se habla español.

The Law Office of Steven M. Stanley is a debt relief agency that helps people file for relief under the Bankruptcy Code.