Bankruptcy Attorney for Los Angeles
Will I lose everything?
When filing for bankruptcy in California you have two different statutes to choose from, each with different exemptions. The exemptions are outlined in the California Code of Civil Procedure (C.C.P.) sections 703 or 704. Only one of these sections can be used when taking your exemptions. You cannot pick which exemptions from each section you wish to take. The Federal table of exemptions is not valid in California, as it has its own list. Because of the complexities in determining which section is best to use for your exemptions, it is best to enlist the help of a qualified bankruptcy firm, such as Accident Lawyers. A good review of your circumstances will help them provide you with the direction you need to go for the best outcome. Below is a quick outline of the basic exemptions. For a complete and thorough review of exemptions, contact our law office today.
Exemptions under C.C.P. 703
Homestead - Up to $17,425 in value of equity for your primary residence
If you don't have that much in equity, any remaining amount can be applied to any property
- Vehicles - Up to $2,775 in equity value in one vehicle
- Personal property including household items such as animals, appliances, clothes, etc. up to $450. for each item. Also jewelry and heirlooms up to $1150.
- Tools of the trade up to $1750 in value
- Insurance - Including disability benefits, life insurance with specific details for allowing it.
- Pensions - Some benefits and private retirement account, with details that apply.
- Public benefits - Such as unemployment, workers' compensation, welfare, social security or veteran's benefits.
- Alimony and child support
Exemptions under C.C.P. 704
- Homestead - There are various categories of the amount of equity allowed under this section starting with $50,000 for an individual all the way up to $125,000 for various other situations. Contact your attorney for exact details
- Vehicle - Up to $1,900 in value in one vehicle
- Personal property - All household items are exempt, jewelry and heirlooms up to $5000.
- Tools of the trade - Up to $5000 or double if that if married and both use tools.
- Insurance - Including disability benefits, life insurance with specific details for allowing it. Speak with your attorney for details
- Pensions - County & public employee pensions, public retirement benefits and private retirement accounts with details that apply.
- Public benefits - Unemployment, welfare, workers' compensation and financial aid to students.
- Alimony and child support
Bankruptcy Lawyer in Los Angeles
Because of the complexity of the Bankruptcy laws, if you attempt to file on your own and file for exemptions incorrectly, this can lead to that property being seized, even if the property would normally been exempt had the exemption been filed correctly. Our experienced and thorough bankruptcy lawyers know the ins and outs of filing for bankruptcy and will be able to recommend whether to file Chapter 7 or Chapter 11 bankruptcy and which exemptions are right for you. Contact our office today, we are ready to help you through the difficult decisions you have ahead of you.