Legal Question in Bankruptcy in California

As a married couple, you can exempt up to $100,000 of equity in a homestead (as of 2010) assuming you have been domiciled in CA for the 2 years prior to the filing of your chapter 7 bankruptcy. Consult an attorney to be sure that your boat qualifies as a homestead.

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Pursuant to California Code of Civil Procedure Section 704.710 and 704.730 your boat, assuming it is your dwelling (the principal place where you live), qualifies as your "homestead" and you can keep up to $75,000 in equity in your boat if you are single or up to $100,000 in equity in your boat if you are married. That means that so long as the equity in your boat is less than $75,000 (if single) or $100,000 (if married) you can keep your boat when you file bankruptcy.

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Amir Aalam, Bankruptcy Attorney

Aalam Law Firm

(858) 461-0049