What Are the California Bankruptcy Exemptions?
If you are considering filing for bankruptcy in California, it is important to understand the laws and regulations surrounding the most common types of bankruptcies, including Chapter 7 and Chapter 13. One of the most important aspects of filing for either type of personal bankruptcy is understanding what assets can be retained through exemptions. This article will discuss what California Bankruptcy Exemptions are, how they work, and which ones may apply to your case.
The main purpose of Bankruptcy Exemptions is to protect certain types of property owned by debtors from being taken by creditors when a debtor files for bankruptcy protection. These exemptions allow debtors to retain certain properties that would otherwise be lost in a liquidation or reorganization filed under Chapters 7 or 13 respectively.
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