What are the exemptions if I file for bankruptcy? 11 Answers as of September 24, 2011
If I file bankruptcy in California, what are the exemptions? Can I keep my house and my car? Are there different bankruptcy exemptions in different states? If I move, can I get better exemptions somewhere else? I'm willing to establish residency in a different state if I get to keep my house in CA.Free Case Evaluation by a Local Lawyer!
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Bird & VanDyke, Inc. | David VanDyke
In california you must use either CCP 703 or 704 exemptions but not both. California has probably the best exemptions in terms of keeping assets. If you move to another state you must use your prior state's exemptions unless you have lived in that state for 2 years continuously.
Answer Applies to: California
Replied: 9/24/2011
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Exemptions depend on the amount of equity in your assets. For example, a homestead is $75,000 for an individual and $100.000 for married persons. If you have considerable equity in a home, you should look at the equity in cars. About $3000 is exempt for cars when you have claimed the exempt equity in your homestead. There are other complications and you should consult with an attorney as to all your property to determine what is exempt in a given situation.
Answer Applies to: California
Replied: 9/21/2011
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is a huge question for which one could write about for days. You need to see a lawyer, the exemption scheme can be complex and a good lawyer can maximize what you can keep.
Answer Applies to: California
Replied: 9/21/2011
Law Office of Harry L Styron | Harry L Styron
Taking your questions in order, the exemptions are listed in California Code of Civil Procedure section 703.140(b). There are different bankruptcy exemptions in different states. Texas and Florida are probably the most generous in this regard, though I don't practice in either state so don't quote me on this. If you move you must reside in the new jurisdiction for the majority of 180 days to file there. The problem you face with doing that and keeping a California house is that the house is no longer your residence after you move, and the exemption statutes only apply to residences.
Answer Applies to: California
Replied: 9/20/2011
Eranthe Law Firm | Cate Eranthe
A housing exemption only applies to your residence so moving to another state will not help you keep a California house. Go see a knowledgeable local bankruptcy attorney who can tell you what you can exempt and you can do some pre-filing planing. There are two different sets of possible exemptions in California. Code of Civil Procedure sections 704 and 703 exemptions. Which you choose will depend on how much equity you have in your home. (You cannot mix and match, you can only use one of them.) How much that exemption is depends on your age and marital status - it ranges from $75,000 to $175,000. If you have no equity in your home you can choose the 703 exemptions and have a wild card available for other assets.
Answer Applies to: California
Replied: 9/20/2011
Guardian Law Group PLLC | C. David Hester
The only way to keep your home in California is to file in California and the home would need to be your primary residence. To establish residency elsewhere would then negate the home being your primary residency. Contact a California attorney to determine the exemptions in that state.
Answer Applies to: Utah
Replied: 9/20/2011
Law Offices of Joseph A. Mannis | Todd Mannis
You can look those up. And no, you can't simply move to find better exemptions because the exemptions require that you reside in that state for a couple years. Why not talk to a bankruptcy attorney and do this right since it's clear from your question you're about to do things really wrong? Not meant to be sarcastic, just don't want to see this go badly for you.
Answer Applies to: California
Replied: 9/20/2011
Law Office of Asaph Abrams | Asaph Abrams
CA has decent exemptions and there are rules that prevent so-called exemption shopping. An attorney can quickly pinpoint exemptions applicable to your circumstances.
Answer Applies to: California
Replied: 9/20/2011
Diefer Law Group, P.C. | Abel Fernandez
There are basically two different sets of exemptions. The set that you take will depend on your case. One set is intended to allow protection of equity in a home while the other set is intended to allow a general exemption (you can protect assets even cash). You will need legal advice to determine which is best for you.
Answer Applies to: California
Replied: 9/20/2011
Law Office of Eric Ridley | Eric Ridley
Each state has it's own exemptions, and in most cases in CA, you will be able to keep your house and car. There are also a set of Federal exemptions as well. California actually has two sets of exemptions and you are able to pick the one which is most favorable to you. You need to call my office, or another bankruptcy professional, to get a full analysis of your personal situation.
Answer Applies to: California
Replied: 9/20/2011
The Schreiber Law Firm | Jeffrey D. Schreiber
Exemptions do vary from state to state and the amount of exemption for any one asset will also vary from state to state. Further, the exemptions appropriate to be used in California depend on what equity in which assets need to be protected. Each case is different, so you would have to detail all of the assets and the equity in each. This is why your should use an attorney to make sure you take full advantage of all exemptions available is not just a simple answer which can be provided here. If you moved to another state, you could not use the exemptions of that state until you had lived in that state for 2 years. There is a bankruptcy statute which is designed to prevent moving to another state just to take advantage of the exemptions of that state.
Answer Applies to: California
Replied: 9/20/2011
