Thorough Lawyers Assist You in Finding Bankruptcy Exemptions in California

Helping you protect your assets from creditors

Bankruptcy offers you a fresh start when you are overwhelmed by debt. Depending on your circumstances, you may choose to discharge your debt through Chapter 7 bankruptcy or reorganize it through a Chapter 11 or Chapter 13 payment plan. Whichever method you use, it is important to realize that freedom from your debt is not necessarily free. Some of your property may be taken or sold to pay back creditors. In my experience and based on my conversations with Bankruptcy Trustees in the Southern California area, 98% of cases filed are no asset cases, meaning that the debtor keeps all of his or her assets. The Bankruptcy Code recognizes your need for basic possessions and assets to move forward and offers property exemptions. These exemptions differ from state to state. California offers debtors two exemption options.

Option 1 for bankruptcy exemptions in California

The first option is sometimes referred to as the “Wild Card” exemption due to its miscellaneous personal property exemption. This option is most often used by individuals who do not own a home or have equity requiring an exemption. Exemptions under this section include:

Equity up to $22,075 Miscellaneous personal property up to $22,075 (in lieu of equity exemption) One motor vehicle up to $3,525

Public benefits such as Social Security, disability and unemployment Life insurance up to $11,800

Option 2 for bankruptcy exemptions in California

The second option is referred to as the “Homestead” exemption. People who choose this option do so typically to retain equity on their homes. Exemptions include:

Equity up to $75,000 for a single person; up to $100,000 for a married couple; and up to $175,000 for special circumstances Motor vehicles up to $2,725

Jewelry up to $7,175 Personal property used for a business or profession up to $7,175

Making sure you don’t lose everything

Deciphering bankruptcy exemption statutes is a difficult task. It is smart to retain an attorney who is familiar with the processes to ensure that your best interests are being upheld. For more than 30 years, the Law Offices of Michael Jay Berger has helped individuals get out from under debt without losing their assets or possessions. I provide easy-to-understand information, honest advice and dedicated support for Los Angeles bankruptcies from beginning to end.

Take the first steps toward a fresh start by contacting me today

When you are in dire financial straits, you need a bankruptcy attorney who knows the law, knows the system and knows you. Located in the heart of downtown Beverly Hills, I provide a wide range of services for individuals and families suffering from the weight of excessive debt. Call the Law Offices of Michael Jay Berger at 310-271-6223 or contact me online to schedule a free consultation.