One of the most common misconceptions about bankruptcy is that a debtor may "lose everything," or at least may lose valuables, including jewelry, tools, antiques, car and/or house. In fact, the vast majority of our bankruptcy clients at Bird & Van Dyke, Inc. - A Professional Law Corporation are able to keep most or all of their personal property.
Exemptions are laws that allow a person filing for bankruptcy to retain their property. In California there are 2 sets of exemptions that are available. These exemption laws can be found in California Code of Civil Procedure Sections 703 and 704. A skillful lawyer can utilize the available exemptions so that a bankruptcy filer will not lose their real or personal property.
Contact a lawyer at Bird & Van Dyke, Inc. - A Professional Law Corporation for answers regarding commonly applied exemptions in California such as the following:
- Homestead
- Personal property such as a boats or motorcycles
- Life insurance and other types of insurance
- Qualified pensions/retirement exemptions, including 401k, 403b, deferred compensation, 457 plans, profit sharing retirement plans, IRAs and many others
- Household furnishings and appliances
- Jewelry
- Motor vehicles
- Public benefits such as unemployment benefits
- Tools of a trade
- Wages: 75 percent within 30 days of filing bankruptcy
- Wildcard exemption
Serving Oakdale, Lodi, Manteca · State Exemptions · Attorneys at Bird & Van Dyke, Inc. - A Professional Law Corporation Offer Free Consultations
For dollar amounts in these categories as they apply to your financial situation, talk to an attorney who can clarify which of two sets of California bankruptcy exemptions is best suited for your case. Contact us at Bird & Van Dyke, Inc. - A Professional Law Corporation in Tracy or Stockton. Bankruptcy exemptions: Attorneys at our law firm can explain how exemptions allow most filers to keep most or all of their assets when filing bankruptcy.
