Legal Question in Bankruptcy in California
I am filing chptr 7 - my california exemption is $75,000 on equity, under which rule is this under:
11 USC & 522(b)(2) or 11 USC & 522 (b) (3), and where can I read about that to confirm.
Thanks
lu
1 Answer from Attorneys
If you are filing in California, chances are extremely good that you are not entitled to use the Federal Exemption laws. The laws which govern exemption of property for persons domiciled in California are found at California Code of Civil Procedure �703.140(b) and �704.010. You have to chose one set or the other, and cannot pull from each to exempt your property. A good resource for the actual code sections is the website www.courtinfo.ca.gov, under forms, documents, exemptions - this has the current exemption amounts. Another good resource is a website www.legalconsumer.com. None of these websites can substitute for substantive, legal advice from an experienced, knowledgeable bankruptcy attorney, but if you are determined to go it alone, be sure to review as much information as you can. A third resource you will have to either check out at the library, or buy is Nolo Press' books, including one on chapter 7 bankruptcy, and one titled "The New Bankruptcy: Will it Work For You." Good luck, and if you get stuck, do consider hiring an experienced attorney, as you will find that we are not nearly as expensive as you might believe.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.
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