The bankruptcy trustee who will be assigned to your case is only looking for equity. Equity is the value of the item of property minus the loan against it. You are allowed to keep a certain amount of equity, and if the equity you have is greater than the amount you get to keep, then he takes the excess, liquidates it and pays it to your creditors.

Call me, to go over details of what you own to see if you can keep it.

Disclaimer: The response above does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice.

California has two sets of "exemptions" that allow you to exempt (keep) personal property up to a certain amount. Most people who file for bankruptcy protection keep most, if not all of their property. Feel free to contact me for a free consultation and let me explain how the exemption process works.

Disclaimer: The response above does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice.

Generally speaking, depending on the value of your assets, you will be able to keep most, if not all of your personal belongings, including cars and homes. However, the applicability of state exemptions is complex area of bankruptcy law and needs to be addressed more extensively. We invite you to come in for a free, no obligation consultation to meet with one of the attorneys to discuss your whole financial picture and the options available to you.

Disclaimer: The response above does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice.

What you keep during a Chapter 7 Bankruptcy, assuming that this is what you would file, depends upon the type of property in question. As a general rule, in a Chapter 7 personal property can be kept, but there are exceptions to this rule that must be examined on a case by case basis and that is up to the discretion of the Bankruptcy Trustee.

For a free consultation, contact me.

Disclaimer: The response above does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice.

You can protect personal property up to a certain value.

Disclaimer: The response above does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice.