Legal Question in Bankruptcy in California

Exemptions under CA law

I am considering a Chapter 13 bankruptcy with $6K equity/$161K mortgage in my primary residence and $5K equity/$12K lien on vacation property. I also have an IRA which is worth $5K (for comparison).

Just so I understand which option is best for me, typically what would you advise a client to protect through exception once bankruptcy is filed? I would like to keep the vacation property, as the market for resale is not very liquid.


Asked on 9/05/01, 8:18 am

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

Re: Exemptions under CA law

Well, I'm not sure what you mean by "exception", but if you are talking about which of those assets to exempt, I don't see that they are mutually exclusive. Depending on what other assets you have that you didn't mention, you should be able to exempt both properties and the IRA. I'm also not clear as to why you are doing a Ch. 13 rather than a Ch. 7. If you desire representation and would like a free phone consultation, please visit my webpage at http://www.bklaw.com/consult.html and then give me a call or e-mail to schedule an appointment.

Regards,

Mark

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Answered on 10/24/01, 7:11 pm
Michael Burt Diamond, Burt, & Akhkashian

Re: Exemptions under CA law

we can help, this is a pretty simple task

call Khack ("Catch" at 213 384 2220)

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Answered on 10/24/01, 8:27 pm


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