Legal Question in Bankruptcy in California

About our assets in a BK

What exactly will be liquidated in a chptr 7? Will our cars,wedding ring, piano, etc. be liquidated to give to BK court? Will my husband's 401k (worth only $6k) be liquidated? What IS protected? we own no property. We own 3 old (not vintage) cars. They work. We have 3 children and 2 others dependent on my husband's livelyhood.

(total of 7 of us) Will my nephew's welfare be taken? I am his gaurdian and he gets some money for his livelyhood.??

Please advise, thanks and yes, i do understand that you are NOT providing me with legal practice advise.


Asked on 11/29/02, 7:11 pm

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: About our assets in a BK

The Trustee can liquidate any non-exempt assets. Which assets are exempt can only be determined after a comprehensive analysis of your entire asset and debt structure. The exemption laws are contained in California Code of Civil Procedure Sections 703.140(b) and 704.700 et seq. Or, a consultation with a competent attorney will yield the same information. If you would like one, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule a time. I will be happy to assist.

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Answered on 11/29/02, 7:20 pm
Robert Miller Robert L. Miller & Associates, A Law Corporation

Re: About our assets in a BK

Thanks for your posting. In a Chapter 7, you are allowed to apply exemptions, including a miscellaneous, or "wildcard" exemption, to property to make it exempt from the trustee or creditors. It's almost impossible to tell for sure whether individual items will be taken without considering your total picture, but with regards to your nephew's welfare, I believe that is entirely exempt, and cannot be touched by creditors or the trustee.

I hope this helped, but email me directly at [email protected] if you have any further questions. Thanks.

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Answered on 11/29/02, 8:43 pm


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