California Bankruptcy Exemptions

When filing for bankruptcy, your exemptions are an important consideration. In a Chapter 7 filing, exemptions consist of the property or assets you are allowed to keep, which are not used by the bankruptcy trustee for liquidation purposes to pay off your creditors. In a Chapter 13 filing, your exemptions will help to determine how much you will have to pay unsecured creditors through your repayment plan through the bankruptcy court.

California has two exemption systems which can be used in your bankruptcy filing. You may not use the federal exemption plan. System 1 allows for a homestead exemption, including a mobile home, boat, stock cooperative, community apartment, or condominium up to $75,000 for a single person who is not disabled and up to $100,000 for a family. Factors such as disability, being 65 or older, and creditors seeking a foreclosure on your home will have different exemption amounts. Other exemptions include personal property, such as autos, appliances, furnishings, jewelry, art, Social Security and other public benefits, and more; wages, pensions, and other public benefits, tools of trade, insurance, and business or professional licenses. To get a complete list which applies to your case and to compare the exemptions available through System 1 and System 2 in California, you should consult with an experienced attorney.

Get Help from a Los Angeles Bankruptcy Lawyer

A Los Angeles bankruptcy attorney at the Pacific Attorney Group can help you understand the exemption systems to determine which one is better for you. The firm has represented countless clients in filing for bankruptcy or finding other debt relief solutions throughout the area, including clients in Burbank, Chatsworth, Glendale, Encino, Los Angeles, Northridge, Van Nuys, and the entire Los Angeles.

Getting the detailed knowledge and representation you need in this important matter is crucial. Let a skilled and knowledgeable attorney at the firm ensure that your financial crisis is handled thoroughly and professionally.

Contact a Los Angeles bankruptcy attorney at the firm to discuss your financial situation today.