Can I keep some of my possesions after filing for bankruptcy? 6 Answers as of October 23, 2010

How can I find out which possessions will be seized and sold during bankruptcy? I want to know if I can keep anything that I own right now before I go through with the proceedings. Does the court get to decide what I can and can’t keep?

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Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
To determine property that is exempt from the trustee's taking in chapter 7, you'll look at the California Code of Civil Procedure Sections 703 and 704. Consult with an attorney for specific questions. Most attorneys offer a free consultation by phone.
Answer Applies to: California
Replied: 10/23/2010
Marilyn J. Hochman
Marilyn J. Hochman | Hochman and Peppler, LLC
Yes there are exemptions in bankruptcy. You can keep possessions. How much you keep depends on many things what state you live in, what the value of the property is, how the property is titled, is the property liened, are you claiming a homestead exemption and many other questions?
Answer Applies to: Florida
Replied: 10/22/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
Hire a qualified bankruptcy attorney and you should be able to keep most if not all of you possessions.
Answer Applies to: California
Replied: 10/20/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
You need legal advice for this issue.
Answer Applies to: California
Replied: 10/20/2010
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Most debtors keep all of their property in bankruptcy. The best way to find out what possessions you can keep in a bankruptcy proceeding is to talk to a Certified Specialist in Bankruptcy Law and disclose to him or her accurate information about all of your possessions. The laws that protect your property from creditors are called exemptions. Property that is protected by exemptions is called exempt property. In California, exemptions are set forth in the Code of Civil Procedure, with the most commonly used exemptions set forth in Code of Civil Procedure Section 703.140. 97percent of all Chapter 7 debtors are able to exempt all of their property. This means that none of their property is taken or sold by the Trustee. In Chapter 11 and Chapter 13 cases, the debtors are able to keep all of their property, even property that is not exempt, so long as the creditors receive at least as much as they would in a Chapter 7 case. Of course, there are other risks to a debtors property besides the Trustee trying to sell it. For example, property that is security for defaulted debts can in some cases be repossessed or foreclosed on after a creditor obtains relief from stay.

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Answer Applies to: California
Replied: 10/20/2010
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    What you are allowed to keep is based on the exemption laws of whatever state is applicable to your case. California has two separate exemption statutes to choose from. Your are allowed to use the states exemption laws for the state where you have been living for the past 2 years. If you lived in more than one state in the past 2 years, it will be the state where you lived for the greater part of the 180 days prior to the 2 year period prior to filing your bankruptcy case.
    Answer Applies to: California
    Replied: 10/20/2010
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