Legal Question in Bankruptcy in California

Chapter 7 Bankruptcy Question

What consitutes "exempt" property under the rules of San Diego, California?

Is a home with some equity considered exempt or non-exempt?

Is a car being purchased considered exempt or non-exempt


Asked on 9/08/00, 2:18 pm

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

Re: Chapter 7 Bankruptcy Question

Exemptions are covered under state, not municipal law. Generally, they cover the realizable value of an item, not the item itself. In California there are two different sets of exemptions. Which one you take would depend on your circumstances and what the value of all your assets are and which ones you needed to keep. Thus, I cannot answer your question without knowing the values and secured debt against the assets you have listed. If you are considering filing bankruptcy and desire representation, please give me a call and I will be happy to provide a free consultation.

Sincerely, Mark (818)509-1173

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Answered on 10/06/00, 12:31 pm


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