Legal Question in Bankruptcy in California

Re: Ch. 7 - Are Cars and bank accounts also liquidated?

The answer depends on what the values of your cars, the amount of liens against them, the balances in your bank account, as well as the value of all your other assets. Exemption analysis cannot be done on a piecemeal basis. If you would like a free phone consultation, please visit my webpage at http://www.bklaw.com/consult.html and when you are ready, give me a call or e-mail to schedule a time and I will be happy to go over your situation in more detail.

Re: Ch. 7 - Are Cars and bank accounts also liquidated?

Thank you for your posting. As you probably know, there are exemptions that you can apply to keep certain property. This is a little bit complicated, as California has two different sets of exemptions you can use.

One of the sets provides for a $2,400 automobile exemption. Another exemption provides for a $15,000 miscellaneous, or "wild card" exemption. This can be applied to any property, and is the only thing aside from the exemption for wages that you might be able to apply to the checking account.

As you can see, and as Mr. Markus indicated, much of this depends on the value of what your property is worth. If the total of what you are trying to keep is greater than $2,400 plus the $15k exemption, then you may risk losing some property unless it is exempt under one of the many other exemptions.

I do have a list of exemptions I can email, mail, fax, or give to you in person if you need more information. I'm happy to help in any way that I can.

Best of luck!