California Bankruptcy
Bills piling up? Having a hard time making ends meet? Chapter 7 bankruptcy was designed to eliminate debt and stop creditor harassment. Talk to a California bankruptcy lawyer about your options today.
We can easily connect you with a California bankruptcy attorney in your area. All you have to do is plug in your ZIP code below and fill out our free 2-minute bankruptcy evaluation form. Take charge of your debt and make the first move today.
Filing Chapter 7 Bankruptcy in California
Whether you live in San Diego, Sacramento, Santa Ana or anywhere else in the state of California, if you’re considering filing Chapter 7 bankruptcy, it’s a good idea to understand the state’s bankruptcy exemptions.
When you have a California bankruptcy lawyer on your side, you have a great resource from whom to learn which of your items may be exempt from Chapter 7 liquidation.
California Bankruptcy Laws
As your California Chapter 7 bankruptcy lawyer can tell you, Chapter 7 bankruptcy is often referred to as liquidation. This is because the bankruptcy trustee has the option of liquidating or selling your non-exempt property in order to pay back any unsecured debts that you may owe.
But don’t worry–most people who file Chapter 7 bankruptcy don’t have any non-exempt assets, so they usually get to keep all of their property.
California Chapter 7 Bankruptcy Exemptions
If you live in California and are considering filing Chapter 7 bankruptcy to get a fresh start and have your unsecured debt discharged, you may be anxious to know what property that you own may be exempt from liquidation.
Below we have provided an introduction to California Chapter 7 exemptions. For more detailed information, advice and insight on your Chapter 7 bankruptcy case, schedule an appointment to speak with a California bankruptcy lawyer.
When you speak with your California bankruptcy lawyer, he or she can explain important Chapter 7 bankruptcy exemptions in the state in detail including:
Homestead:
- Up to $75,000 for family members living with other, non-owner family members.
- Up to $150,000 for anyone 65-years-old or older, disabled, or 55-years-old or older with an annual gross income of less than $15,000 if single, $20,000 if married.
- UP to $50,000 for anyone not covered by other statutes.
Wages: 75 percent of all paid earnings.
Vehicles: Up to $2,300 of your equity in all vehicles.
Personal Property:
- All ordinary and necessary household furnishings, appliances, clothing provisions and personal property are 100 percent exempt.
- Up to $6,075 for jewelry and heirlooms.
- Up to $6,075 for tools used in your business or trade.
Questions? Talk to a California Chapter 7 Bankruptcy Lawyer
California Chapter 7 bankruptcy exemptions can be very specific. A California bankruptcy lawyer can explain how they may be applied in your Chapter 7 bankruptcy case.
Let us connect you with a local California Chapter 7 bankruptcy lawyer — simply fill out our free bankruptcy case evaluation form and we’ll connect you with a nearby California bankruptcy attorney.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.