Legal Question in Bankruptcy in California

Re: exemptions on secured debt

Hello. Well, first of all, CCP 703.140(b) has eleven (11) major subsections, so without knowing what the property is that you are trying to exempt, and without knowing what the value of all your other assets are, I could not possibly answer this question. Also, you only need to exempt the equity in the secured property (i.e. the amount which exceeds the secured creditor's interest in the value of the property). To answer your second question, whether "the" creditor can try to take the property, I'm not sure who "the" creditor is that you are referring to. If you mean the secured creditor, he/she/it can only take the property if you fail to make the required payments, which is usually the current fair market value of the property. I hope this answers your questions. If you need more information, please visit my web site.