Legal Question in Bankruptcy in California

CH7 California ''Wildcard'' Exemption

Hello,

I'm thinking about filing CH7 bankruptcy since I currently make about $150 a month but am spending $160 while having about $3500 in unsecured debt. My thing of concern is I have a BMW 850 worth about $11,000. It would be my only asset worth anything and I'm wondering if I can keep it. I heard that in California I can claim up to a $17,000 ''wildcard'' exemption applied to any asset, is this true?

Thank you.


Asked on 4/08/07, 4:09 am

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: CH7 California ''Wildcard'' Exemption

If that is truly your only asset, then yes you should be able to protect it with the wildcard exemption (which was recently raised to closer to $20,000).

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Answered on 4/08/07, 1:03 pm


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