In California What Property Can I Keep in Bankruptcy?

The property that is at risk of liquidation depends on the type of bankruptcy that you are filing for. If you are filing for a Chapter 13 bankruptcy, you will not need to worry about losing any property. The reason for this is that you will be repaying your creditors over time, which eliminates the need to liquidate your assets to get the means for repayment. When it comes to Chapter 7 bankruptcy, there is a possibility that some of your property will be liquidated to repay creditors of your debts. California has exemption laws in place in order to protect some of the debtor’s property when they file for a Chapter 7. One of the main systems involving exemptions includes:

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