Can I keep certain types of property when filing for bankruptcy?

The answer to whether or not you can keep certain types of property when filing for bankruptcy in California depends on what type of bankruptcy you file for. Generally, with a Chapter 7 bankruptcy, you may keep certain types of property, such as your home, depending on the type of bankruptcy exemptions available in the state. Additionally, if you have equity in the property, you may be allowed to keep it as part of the bankruptcy process. With a Chapter 13 bankruptcy, you also may be able to keep certain types of property, depending on the type of exemptions available in the state. Typically, when filing for a Chapter 13 bankruptcy, debtors are allowed to keep the property and use income to pay off some, or all, of the debt. It is important to note that in California, certain types of property are exempt from bankruptcy, such as some Social Security payments, alimony, public assistance, child support, and certain funds held in retirement accounts. Additionally, when filing for bankruptcy, the state of California has certain requirements that must be followed in order to remain eligible for bankruptcy protection. Overall, California offers certain types of exemptions that allow individuals to keep certain types of property when filing for bankruptcy. It is important to understand the various types of exemptions available in the state, as well as any additional requirements that must be met in order to remain eligible for bankruptcy protection.

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Can I keep certain types of property when filing for bankruptcy?

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