47. What happens to all of my property when I file bankruptcy?

When you file bankruptcy all of your real and personal property, including your right to receive property in the future, become the property of the bankruptcy estate. This means that the bankruptcy trustee has the right to take this property and sell it to satisfy your creditors.

However, certain property is exempt and you will be able to keep any property that is exempt. California uses two different schedules to determine what property is exempt. The exemptions you should use will depend on the type and value of your property. Often, you will be able to keep all of your assets.