Which Assets Are Exempt In Bankruptcy?
Clients who turn to Weintraub & Selth, APC, are often convinced that bankruptcy is their only option. While bankruptcy may be the right path, our attorneys are extremely savvy at finding alternatives to bankruptcy for many of our clients. However, no matter which path is best for your economic challenges, we may be able to protect your assets. If bankruptcy is the best option for you, we will identify which of your assets are exempt which will allow you to keep them if liquidation of other assets is appropriate. Filing bankruptcy or finding some other way out of unmanageable debt does not necessarily mean losing your assets, having your home foreclosed upon or your wages garnished. Call us to determine which are exempt assets and how you can achieve real relief from debt while keeping your assets.
Which of your assets are protected depends on many factors. If you have questions about exempt assets, discuss them with a bankruptcy lawyer at Weintraub & Selth, APC. There are many instances in which we can help you get your assets classified as exempt.
Too many people make the mistake of not properly planning their bankruptcy cases. They may give away assets in an attempt to protect them from liquidation in Chapter 7 bankruptcy. This choice is often misguided. The experienced attorneys at Weintraub & Selth, APC, will consider your assets, income, property and the type of debt you have before making a recommendation about filing. We may be able to protect your assets and help you secure your long-time financial health in ways you may have thought were impossible.
Personal Property, Real Estate, Retirement And Other Exempt Assets
There are two tables in California to determine exemptions. One exemption table is typically for homeowners who have equity. The other is for renters and homeowners who have no equity. The types of assets that are exempt and the amount of the exemptions vary between the tables. However, exempt property in a California bankruptcy is generally described as:
- Burial plots
- Child and spousal support
- Federal benefit programs
- Health aids
- Homestead exemption
- Household goods
- Jewelry and heirlooms
- Life insurance policies
- Retirement accounts, pensions and 401(k) plans
- Social Security and unemployment compensation
- Tools of the trade for small businesses and self-employed individuals
- Vehicle exemption
- Wrongful death awards
Before you file bankruptcy or begin to liquidate assets, consider other options. Speak with one of our lawyers to get advice, guidance and suggestions for real debt relief. We will review your finances and help you decide which option may work best for you.