Legal Question in Bankruptcy in California

California System 1 and 2, Assets and Exemption Confusion

Help!

I am finishing up a bankruptcy that I am doing myself and I am seriously stuck on one part. However I must file this by Wednesday and have the paperwork to my job or a wage garnishment is going to go into effect.

I am in the Assets part and have no idea what I am supposed to claim and under what. First of all, after suffering numerous layoffs and taking a very low paying job, I have virtually nothing of value left! This is seriously all I have that would possibly need to be included:

1. Television current value $100

2. Computer prob. worth no more than $200

3. Cash on hand in a checking account

4. Numerous average appliances

5. The clothes in my closet

No car, no pensions, stocks or anything a sensible person would have at age 40! Anyway, what do I put these under? System 1 or 2 and what exemption do these fall under?? I cannot for the life of me figure out where on here to claim cash on hand in my checking. I'm trying to be honest and don't want to mess this up!

If anyone can help, it would be more than greatly appreciated. Thank you!


Asked on 9/17/02, 3:29 am

1 Answer from Attorneys
Robert Miller Robert L. Miller & Associates, A Law Corporation

Re: California System 1 and 2, Assets and Exemption Confusion

Thanks for your posting. Please realize that it may be difficult for attorneys to give you advisement on what exemptions might be best considering your financial situation as a whole, over an internet board.

Normally system 1 is more generous for persons who own a home. System 2 doesn't have the large homestead exemption, but does allow a "wildcard" which you can use for any property.

If you have any other questions, please feel free to email me at [email protected], or call my office toll free at 1-877-568-2977 -- we are happy to help.

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Answered on 9/17/02, 3:10 pm


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