Protecting Your Property and Assets
Many people in financial distress think that by filing bankruptcy, they will lose everything they have. In fact, the vast majority of people can keep all of their property and get debt relief at the same time. California bankruptcy law provides for exemptions that can keep property out of the reach of the bankruptcy trustee and creditors.
Giovanni Orantes has a comprehensive understanding of our bankruptcy laws, including exemption schedules. When our firm represents you in a bankruptcy filing, Mr. Orantes will use his knowledge to protect your property while seeking to reduce your debts to the greatest degree possible, given your circumstances.
To learn more about exempt property in bankruptcy and how our firm can help you get debt relief, contact Orantes Law Firm
California Bankruptcy Property Exemptions
California is unique among states in that it has two sets of bankruptcy exemptions. Those specified under Section 703 mirror the federal property exemptions. Section 704 specifies a different set of exemptions. The bankruptcy petitioner must choose either one or the other set of exemptions. Giovanni Orantes will analyze your situation and recommend the best course of action for you.
|Item||Section 703||Section 704|
$50,000 if single and not disabled
$75,000 for families
$150,000 if 65 or older, physically or mentally disabled
|Personal property (furnishings, household goods, apparel, appliances, books, animals, crops and musical instruments)||$475 per item||100 percent exempt|
|Tools of the trade||$1,875||$6,075|
|Health aids||100 percent exempt||100 percent exempt|
|401(k), IRA, 529 and pension accounts||100 percent exempt||100 percent exempt, with some limitations|
|Public benefits||100 percent exempt||100 percent exempt|
|Unmatured life insurance||100 percent exempt||100 percent exempt|
|Life insurance accrued value, interest or loan value||$9,975||Up to $9,700|
The above table covers only a partial list of exemptions and, in your case, other exemptions may be available. Married couples may double some of the listed exemptions under Section 704. Los Angeles bankruptcy attorney Giovanni Orantes will take full advantage of all available exemptions to protect as much of your property as possible.
Contact a Lawyer
For a free consultation about a consumer bankruptcy filing, contact Orantes Law Firm
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.