When it comes to protecting your property in Chapter 7 or Chapter 13 bankruptcy, California allows you to choose between two state exemption systems, depending on which is the best option for keeping your property safe. One of the most common exemptions, known as the homestead exemption, allows debtors to claim an exemption for real or personal property they occupy at the time of the bankruptcy filing. Another is the personal property exemption, which can cover some of the following items:
- Motor vehicles up to a certain value
- Appliances, furnishings, food and clothing
- Jewelry, heirlooms and art up to a certain value
The best way to ensure that you are claiming the appropriate exemptions in your bankruptcy case is to consult a Los Angeles bankruptcy attorney with experience handling Chapter 7 and Chapter 13 bankruptcy cases.