Legal Question in Bankruptcy in California

I hate doing this on these forums, but you are going to have to speak with a local bankruptcy attorney, and probably buy some of his or her time to help you with the exemption planning. It depends a great deal on your other assets and to what degree they are exempt. This isn't a case of simply telling you how to fill out Schedule C, there is a lot more involved.

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If you are using the section 703 exemptions, then you have to total up all of the wildcard exemptions, and see if they are at or below the maximum. If you are using the section 704 exemptions, different rules apply. You cannot mix and match from each section -- you have to opt for one section or the other, but not both.