Are there any assets that I cannot keep after filing for bankruptcy?

Yes, there are some assets that you cannot keep after filing for bankruptcy in California. Generally, most assets that you own at the time of filing for bankruptcy are either sold by a trustee or used to pay off your debts. The assets that cannot be kept after filing for bankruptcy in California are: your home or other real estate properties if the value exceeds a certain amount; certain retirement accounts; some income tax refunds; cars, boats, and other vehicles with an value higher than $2,550; and jewelry, collections, and other personal items that have a total value greater than $825. In addition, you may be required to turn over other assets, such as your bank accounts, which have a value in excess of $750, or your wages if they exceed $750 per month. You also may be required to turn over any money you received from a lawsuit, accident, or injury within six months of filing for bankruptcy. If you have more questions about what assets you can and cannot keep after filing for bankruptcy in California, it is best to consult a bankruptcy attorney for further advice.

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Are there any assets that I cannot keep after filing for bankruptcy?

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