Family Legal Services

Lawyers for Los Angeles, Santa Clarita,
Lancaster and the San Fernando Valley


Personal Property Exemptions


A common question asked of people considering filing
for bankruptcy is "will I lose everything?" The short answer is, no.

In California, there are two systems (or sets of rules) that allow you to keep your stuff. These are called California bankruptcy exemptions. Things like "tools of the trade" and "books" can be called exempt from the bankruptcy trustee's reach. Again, depending on the specifics of your situation, an experienced attorney can help you keep as much as possible, by fitting your possessions into the various exemptions.

So, it's quite possible that you will hold on to most, if not all, of your personal property.


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