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What property do I get to keep if I file for Bankruptcy?

12/4/2011

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Often people believe filing for bankruptcy would result in a loss of all your assets and valuables. The Bankruptcy laws are not designed to strip you of all you have. In actuality, there are “exemptions” that are provided which allow a person to keep most necessary  and essential assets.
 
Real Property
In regards to your real property if your property does not have equity, you will be able to keep this property as long as you maintain the monthly mortgage payment.  

If your home does have equity,  you may still be able to keep your home if you qualify under the
following  exemptions: 
 
                    1.
Automatic Homestead for any Debtor -$75,000.00
                      2.The Debtor’s spouse or a minor dependent is living in the  residence  -$100,000.00
                      3.The Debtor is a senior, disabled, or 55 years of age or  older - $175,000.00 

Personal  Property
Once a person decides to file  for bankruptcy several important questions arise. Can I keep my car,
retirement,  pension, furniture and jewelry? 

You may keep the following, including but not limited to:
 
1. Wildcard of $23,250.00 - which can  include Cash or funds in your savings or checking
account. This section can also  supplement other property such as a vehicle which the Motor Vehicle exemption  would not cover entirely.  Code of Civil Procedure  Section 703.140  (b)(3) 

2. Motor Vehicle of $3,525.00 – this  amount can be supplemented by the wild card and
allow you to keep your motor  vehicle even if it is above the amount of $3,525.00. Code of Civil Procedure Section 703.140  (b)(2)

 3. Interests in IRA, ERISA, Keogh or other  pension or profit sharing plans – no limit on
the dollar value. Code of Civil Procedure Section 703.140  (b)(10)(E)
 
4. Life Insurance (un-matured) – no limit  on the dollar value. Code  of Civil  Procedure Section 703.140 (b)(7)
 
5. Household Goods & Furnishings, personal  clothing – no limit on the dollar value.
Code of Civil Procedure Section 703.140  (b)(3)
 

6. Jewelry 
of $1,425.00 - this amount can  be supplemented by the wild card and allow you
to keep your jewelry even if it  is above the amount of $1,425.00. Code of  Civil Procedure Section 703.140 (b)(4)

Please note that there are other assets you may be able to keep which were not inclusive in this list, you can find these exemptions in the California Code of Civil Procedure or seek the advice of an
experienced Bankruptcy Attorney.
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