How do I know what property is exempt from my bankruptcy file? 26 Answers as of July 28, 2011

State exempt property laws apply to Miss. bankruptcies. There is an official form with which you designate your exempt property.

Look at the California exemptions, found in the Code of Civil Procedure, Sections 703 and 704. Better yet, contact a bankruptcy attorney who knows this stuff in his sleep, so that you can sleep easier knowing you didn't make a colossal mistake doing it by yourself.

The only way you can make sure you are doing things right is to hire an experienced bankrutpcy attorney who will tell you what you can exempt and what you cannot exempt. You can then file with your eyes wide open and know what to expect. Don't take any chances because you cannot dismiss your Chapter 7 case without permission from the Court and the trustee will object if you have property that the trustee can take from you.

You should research the CA state exemptions, which are available in Cal. Civ. Pro. 704 & 703. You can only choose from one set of exemptions and you should note that federal exemptions are not available in CA.

You need to either consult with an experienced attorney (my recommendation) or carefully read the state law that applies to your filing. The state statutes will outline the property that is exempt from your creditors.

This is one reason I always recommend debtors retain counsel. Schedule B lists assets, Schedule C shows exemptions.

California exemptions apply to bankruptcy. There are two sets of exemption found in the Code of Civil Procedure. One set is found in Section 704 and the other set in Section 703. It is best to consult with a bankruptcy attorney before deciding whether the exemptions apply to your case.

You will be well advised to seek advice from a bankruptcy attorney. Trying to "go it alone" is the worst mistake people make in trying to save money when filing for bankruptcy relief and then actually losing property or more money than the attorney fee would have been.

There are many categories of exempt property. Exempt property can include reasonably necessary clothing, household appliances, jewelry up to a certain value, pensions, reasonably necessary household goods, public benefits, damages awarded for personal injury, or cars up to a certain value. Your lawyer will be able to go through your listed assets with you and determine if it's exempt or not.

The best way to determine if your property is exempt is to consult with a certified specialist in bankruptcy law.

The only way to understand your exemptions would be to contact an attorney.

This sounds like you are about to make the worst mistake of your life - filing pro se. Do NOT. It could be costly and you may lose property as a result. You need a lawyer. The court does NOT decide exemptions. Initially you file them. Since property valuation is critical to this, and since some things can be exempted in different ways (a lawyer will know how to most creatively use your homestead and miscellaneous exemptions, for example), doing this wrong could result in loss of things you should have kept. Get a lawyer. You cannot do this right pro se.

Make sure you go with a qualified attorney.

Look up CCP 703 and 704 Exemptions in CA.

Exemptions are set by law. The value of your assets are either exempt or they are not. The time to figure this out would be before you file. An attorney could have advised you whether you have an exemption issue PRIOR to filing. Once you file you probably won't be allowed to dismiss your case if you find out you are going to lose property.