Chapter 7 Bankruptcy: Will They Take My Apple iPhone 5s?
Yesterday Apple announced the premier of the update iPhone. It looks nice, but I am happy with the older version. The announcement got me thinking about what a lot of folks think about when they are contemplating filing a Chapter 7 bankruptcy petition in California:
"What can I keep?"
Way back in ancient world history, outstanding debt meant you could be sold as a slave. Today, American values hold that a person should be a to get a fresh start. As such, here are some important exemptions that the bankruptcy court lets you keep:
$4,800 in car value
$600 of any household item
$7,175 in business tools of the trade
So, to answer the question, yes, you can keep your iPhone 5s should you need to file a chapter 7 bankruptcy petition! In fact, it is my client's experience that they usually keep everything as all their property is exempt.
Ken Jorgensen, California Attorneywww.fresnobankruptcylawgroup.com
Photo Credit: GONZALO BAEZA
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