Are there any assets that I will not be able to keep in bankruptcy?

Yes, there are certain assets that you will not be able to keep in bankruptcy when filing in California. The first type of asset is known as an exempt asset. An exempt asset is an asset that the government has determined you are allowed to keep in a bankruptcy proceeding. Generally speaking, exempt assets include your clothing, furniture, tools of a trade, and some equity in a home. Another type of asset you will not be able to keep in bankruptcy is an asset that is considered to be a "nonexempt" asset. A nonexempt asset is an asset that the government has determined is available to creditors to help pay off any debts that you owe. Common types of nonexempt assets include bank accounts, investment accounts, cars, and any property that is worth a significant amount of money. If you have any of these nonexempt assets, they will likely be liquidated and the proceeds will go toward paying off your creditors. It is also important to note that certain assets may be subject to a lien. A lien is a legal claim to an asset that guarantees that creditors will get paid from the sale of that particular asset. If a lien exists on an asset, then it will likely not be able to be retained in a bankruptcy, as the lien must be satisfied before the asset may be kept. In summary, when filing bankruptcy in California, some assets may be retained (exempt assets), while others may not (nonexempt assets). Additionally, any asset subject to a lien will likely not be able to be kept in a bankruptcy.

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Are there any assets that I will not be able to keep in bankruptcy?

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