Can I keep certain personal items after filing for Chapter 7 Bankruptcy?

Yes, you can usually keep certain personal items after filing for Chapter 7 Bankruptcy in California. These items are often referred to as “exempt” or “protected” assets, meaning that the bankruptcy trustee cannot take them from you. Examples of exempt assets include certain household items, clothing, and jewelry (up to a certain value). In addition, you may be able to protect certain types of property such as your home and car, as long as you are able to continue making payments on them. You may also be able to keep retirement accounts like 401(k)s and IRAs after filing for bankruptcy, as long as you don’t withdraw any funds or make any contributions in the six-month period before filing. Any money that you’ve set aside for your children’s college education may also be exempt. It’s important to note, however, that the exemptions vary depending on the type of bankruptcy that you file and the state that you live in. It’s important to consult with an experienced California bankruptcy attorney to determine which of your assets you can keep. This can help you understand the specific rights that you have in your particular situation. A bankruptcy attorney can also help you determine which assets may be at risk of liquidation and which ones you can keep. An attorney can also provide advice and guidance on other steps you can take to protect your rights throughout the process.

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