Bankruptcy Exemptions in California Attorney
Helping You Understand Bankruptcy
Most people have numerous concerns relating to the possibility of filing bankruptcy. One concern is the fear of losing valuable personal property once their bankruptcy is filed.
This fear is often unfounded. Why? In Chapter 13 bankruptcy, no property is lost. In Chapter 7 bankruptcy, numerous California state exemptions protect various types of properties. Key exemptions that are protected from the bankruptcy courts (i.e. cannot be lost through bankruptcy) include:
- The equity in your home/homestead (up to the maximum limit)
- Necessities like food and clothing
- Personal property including household furnishings
- Equity in your motor vehicle(s)
- Retirement savings and pension assets (i.e., 401(k) and IRA accounts)
- Insurance, including life insurance
- Various business-related assets, including partnership assets, professional and business licenses, and tools of trades
- Personal property, such as appliances, burial plots and health aids
Federal exemptions protect numerous other properties, like educational funds, tax-deferred annuities and even some jewelry. There is also a wild-card exemption in California that offers additional protections and can be applied where needed.
If concern regarding the loss of property is preventing you from protecting your assets and reducing debt through bankruptcy, contact the financial solutions attorneys of the Southern California law firm of Sobti Law Group. We:
- Have handled hundreds of bankruptcy cases
- Offer legal help provided exclusively from an experienced lawyer
- Provide free initial consultations
- Will manage your entire bankruptcy process, so that no property is lost unexpectedly through bankruptcy
For more information regarding bankruptcy and bankruptcy exemptions in California, contact Sobti Law Group at our Beaumont, Corona, Riverside, San Bernardino, Chino, Orange, Rancho Cucamonga or Palm Springs office.
Contact Us
The Orange bankruptcy attorneys at Sobti Law Group offer free consultations, are available for Saturday appointments by request, and speak English and Spanish as well as Armenian, Russian, Arabic, Persian, Hindi and Punjabi. To contact Sobti Law Group or U.S. Law Center, call 888-627-8013.
