What Assets Are Exempt

Working to Help Clients Thrive

What Assets Are Exempt in Chapter 7 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 filing for bankruptcy in Los Angeles remains the best option for you, we will identify which of your assets are exempt, allowing you to keep them if liquidation of other assets is appropriate. 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.

Call us at (310) 220-4147 to determine which are exempt assets and how you can achieve real relief from debt while keeping your assets.

Assets & Property That Are Exempt in Chapter 7 Bankruptcy

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:

  • Your main vehicle
  • Your home
  • Personal everyday items
  • Retirement accounts, pensions, and 401(k) plans
  • Burial plots
  • Federal benefit programs
  • Health aids
  • Household goods
  • Life insurance policies
  • Social Security and unemployment compensation
  • Tools of the trade for small businesses and self-employed individuals

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.

What Assets are NOT Exempt in Chapter 7?

Which of your assets are protected depends on many factors. Usually, assets or property that are not considered essential for you to live or work could be classified as nonexempt and may be sold by the trustee to repay your creditors.

Examples of nonexempt assets that can be subject to liquidation:

  • Additional home or residential property that is not your primary residence
  • Investments that are not part of your retirement accounts
  • An expensive vehicle(s) not covered by bankruptcy exemptions
  • High-priced collectibles
  • Luxury items
  • Expensive clothing and jewelry

If you have questions about exempt assets, discuss them with a Los Angeles Chapter 7 bankruptcy lawyer at Weintraub & Selth, APC. There are many instances in which we can help you get your assets classified as exempt.

Call (310) 220-4147 or contact us online now to schedule your consultation.

 

Your Dedicated Legal Team

Client-Focused Representation

Experienced Attorneys

The Right Firm Makes a Difference
  • Thousands of Cases Handled

    Our experienced attorneys have successfully represented thousands of businesses and individuals with financial problems.

  • We Offer Cost-Effective Expertise

    Flexible fee arrangements enable small and mid-sized businesses to obtain the type of relief usually reserved only for large companies.

  • Big Firm Experience at a Boutique Price

    Our lawyers have big firm training and expertise offered to clients in a cost-effective, boutique firm environment.

  • A Full-Service Bankruptcy Law Firm

    One of the few true full-service bankruptcy firms in Los Angeles specializing in all chapters of the Bankruptcy Code and out of bankruptcy solutions.
     

Hear from People We've Helped

  • "If you are a business owner going through difficult times and need help restructuring or closing your doors, this is the law firm to work with."

    - Paul Trump
  • "He also gave me his honest opinions on what paths we could take, what would be a good use of my money and what would not, which I appreciated after having gotten an expensive runaround from the previous attorney."

    - Lynn L.
  • "We were both blown away by your compassion and drive to help us get in a better position. You gave us our lives back."

    - Craig & Claudia

Big Firm Experience. Effective Service.

Financial Freedom is One Call Away

We can help you find clarity and peace of mind so you can move ahead to a positive future with your financial situation under control.

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.