A debtor in California who files bankruptcy has two different statutes to choose from, each with different exemptions. The exemptions are listed in the California Code of Civil Procedure (C.C.P.) in section 703 or 704. Only one section (either section 703 or section 704) can be used to declare exemptions. It is not possible to choose the most advantageous exemptions from each section.
Filing for bankruptcy in California means you must use the exemptions outlined in these two sections. It is not possible to use the federal exemptions in California. Note that the exemptions are adjusted for inflation every few years. The numbers given here are effective as of 2014. The exemptions will change again in 2016.
Major exemptions available when filing bankruptcy in California are listed below. A lawyer should be consulted to determine the particulars of each exemption and to determine all available exemptions that may be filed.
Exemptions available when filing bankruptcy in California are listed below:
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. California has two different statutes allowing for exemptions, each with different assets protected from creditors. A bankruptcy lawyer knows the ins and outs of filing for bankruptcy, and can recommend what chapter of bankruptcy is right for you. A bankruptcy lawyer can also ensure that your exemptions are filed correctly.
Last Modified: 01-06-2014 09:47 AM PSTLaw Library Disclaimer
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