What assets may I keep when filing Chapter 13 Bankruptcy?

When filing for Chapter 13 Bankruptcy in California, you may be able to keep certain assets that are considered “exempt” from liquidation. Exempt assets are those that a debtor is allowed to keep despite filing for bankruptcy. One example of an exempt asset is a home or a car. Depending on the value and equity of the home or car, a debtor may be able to keep these assets with the protection of the law. Retirement accounts are also usually exempt, such as 401 (k)s, IRAs, and pensions. These accounts are usually safe, even if you file for Chapter 13 Bankruptcy. In addition, most personal items, such as clothing, furniture, basic household goods, and family heirlooms may also be protected by California’s Chapter 13 bankruptcy law. You may also be able to keep equity in some tools, depending on their value and how you use them. Finally, you may also be able to keep money from insurance claims and settlement payments. These exemption amounts may vary from state to state, so it’s important to research the laws in your area. Overall, Chapter 13 Bankruptcy Law in California offers protection for certain exempt assets. By working with a qualified bankruptcy attorney, you can determine which of your assets are safe from liquidation.

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