Individuals keep almost everything in bankruptcy. In more than 98% of California cases, the Debtor retains all “free and clear” assets. Exemptions (your ability to keep valuable property) provided to qualifying California residents are quite generous and usually cover and protect all assets and equities.
California has completely “opted out” of the federal exemption plan and enacted two alternative plans for its residents. With careful planning, oftentimes assets can be reorganized and transmuted to protect even “vulnerable” assets. You have an obligation to your family and yourself to take maximum advantage of the “fresh start” promised by the Bankruptcy code.
Please seek competent counsel to determine which exemptions best fit your situation and to assure that you fully comply with the Bankruptcy law.