BANKRUPTCY EXEMPTIONS
IN CALIFORNIA
@nathanaberneman
BANKRUPTCY EXEMPTIONS A bankruptcy exemption is a law that was created to help protect your property in the course of a bankruptcy.
@nathanaberneman
How Do Exemptions Work?
With chapter 7 bankruptcy you are going to be able to talk to your lawyer and find out just what you can and cannot sell to pay back creditors.
With chapter 13 bankruptcy you are going to be able to reduce payments to your unsecured creditors like credit card companies.
@nathanaberneman
California State Bankruptcy Exemption Law In the state of California you can exempt things like the property that you reside in, even if this is a mobile home, your boat, an apartment, condo or other areas if you are not disabled up to the value of $75,000. You can also exempt artwork, your car up to a certain value, and your personal property up to a certain amount as well.
@nathanaberneman
What Do Property Bankruptcy Exemptions Protect? Exemptions protect a range of different properties. First and foremost it protects your home up to a certain amount.
You may be able to keep your personal property as well like your clothes, your television and your computer.
Of course, all of the property that you are able to keep is based on its value. You are not going to be able to keep millions of dollars in personal property
@nathanaberneman
@NATHANABERNEMANAPC
nate@nbrlawgroup.com
888.200.4443