Will I lose my property in bankruptcy?

Whether you lose your property in bankruptcy will depend upon several factors.  First, in chapter 7 bankruptcy you may lose non-exempt property.  However, in chapter 13 bankruptcy you will be able to keep your property with a few exceptions (ex. best interest of creditors test).  Second, California exemption law will dictate which categories of property up to certain amounts can be protected in bankruptcy.  If the value of a certain category of property exceeds the allowed exemption amount provided for that category, the property can be sold in bankruptcy.  Likewise, if you have property that is not covered by a California exemption, the property is non-exempt and can be sold in chapter 7 bankruptcy.

To determine whether your property will be sold in bankruptcy speak with an experienced bankruptcy attorney.