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If you have property Chapter 7 bankruptcy California exemptions can help to protect it. Exemptions are specific laws that outline the specific types and amounts of property that will be protected if you file bankruptcy. The laws are in place to protect bankruptcy filers to ensure they have the means to start a financially strong future after their bankruptcy. However, it is important to know what types of property are protected under this law.
The following are the types of personal property protected under System 1 of the California bankruptcy code.
California also has a second option, System 2. Under that option, the following personal exemptions are available to protect your property:
This is in addition to other exemptions including tools of the trade and homestead exemptions.
Prior to filing bankruptcy, hire an attorney. The attorney will work closely with you to determine what property may be protected and how to do so under the state’s bankruptcy laws.
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