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Exempt Property

Los Angeles-Area Exempt Property Attorney

People considering bankruptcy are often concerned about keeping their houses and cars. They may be reluctant to file if they believe that they will lose their house or be unable to drive to work. When they visit my Woodland Hills, California, law firm for a free initial consultation, I explain the California exemptions that may allow them to keep their houses and cars. Of course, each individual’s circumstances are different and I can explain the specific options that fit your situation.

Call a Los Angeles-area lawyer at the Leventhal Law Group, P.C. at 818-347-5800.

California does not use the federal bankruptcy exemptions schedule. Rather, the state has two exemption systems. Bankruptcy filers can choose the schedule that best fits their circumstances. At Leventhal Law Group, P.C., I help clients select the right one.

Examples of System I Bankruptcy Exemptions Under California Law

The California Code of Civil Procedure System I allows people to keep:

  • Real property, including home, boat, condo, apartment or mobile home. The value of the exemption depends on marital status, disability, age, income and some other factors.
  • Personal property, including motor vehicles or insurance benefits
  • Food, clothing, appliances and furniture
  • Tools and building materials to repair home
  • Jewelry and art up to a value of
  • Durable medical equipment and other health aids
  • Social Security bank deposits
  • Seventy-five percent of wages paid within 30 days of filing bankruptcy
  • Personal injury, workers’ compensation and wrongful death awards
  • Burial plot
  • Retirement accounts, including public retirement benefits
  • Cars, houses, retirement accounts
  • Public employee vacation credits
  • Financial aid to students
  • Tools of the trade and commercial vehicles
  • Insurance benefits

 

Examples of System II Exemptions Under California Law

System II has many of the same exemptions, but the value of those exemptions differs. For example:

  • The homestead exemption is less under System II, but if you do not use it all, you can apply the value to other exemptions.
  • There is no wage exemption under System II
  • Child support and alimony can be exempted under System II, but not under System I
  • Personal property exemptions under System II are higher in value
  • Unemployment, Social Security, crime victim’s compensation and veteran’s benefits are exempted under System II. Under System I, unemployment and worker’s compensation benefits are among the public benefit exemptions.

 

It is important to consult a knowledgeable bankruptcy attorney to determine which system of California exemptions is right for you. I can advise you about the two exemption systems and help you determine the one that is most advantageous.

Contact a Bankruptcy Lawyer for More Information

Call 818-347-5800 to schedule a free initial consultation. When you call my law firm, you will always speak with me, not a paralegal.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.