Redlands Bankruptcy Exemptions Attorneys
Helping Clients Protect Their Assets in San Bernardino County
If you are facing overwhelming debt, you may be wondering what you can do to protect your assets in the event that you file for bankruptcy. While you may be concerned about losing your assets, you may be surprised to learn that there are many exemptions available to you.
Bankruptcy exemptions are rules that allow you to keep a certain amount of property if you file for bankruptcy. These exemptions allow you to keep the property you need to maintain a decent standard of living. You may be able to keep your home, car, and other necessities if you file for bankruptcy.
In order to determine which bankruptcy exemptions are available to you, you will need to work with an experienced bankruptcy attorney. At Dolen, Tucker, Tierney & Abraham, we have over 30 years of combined experience helping clients in Redlands, Inland Empire, and throughout San Bernardino County. We can help you determine which bankruptcy exemptions are right for you and can guide you through the filing process.
To learn more about bankruptcy exemptions and how they can help you, contact Dolen, Tucker, Tierney & Abraham at (909) 473-4948 for a consultation with a Redlands bankruptcy exemption lawyer.
Understanding California's Bankruptcy Exemptions
California gives debtors a choice between the state law exemptions found in Code of Civil Procedure §704 and a set of bankruptcy-only exemptions in CCP §703.140 that mirror the bankruptcy code exemptions in the federal law when the California law was adopted.
Usually, homeowners choose the 704 state law exemptions with a generous homestead exemption when they have equity in a primary residence.
Renters or those with no equity in their homes choose the CCP 703 exemptions, with its “wild-card” or “grub stake” exemption for equity in any kind of property. The dollar amounts for California exemptions are updated every three years.
Below are some of the bankruptcy exemptions available in California:
- Homestead - New law, effective January 1, 2021, increased the state law homestead exemption to a number between $300,000 and $600,000, depending on the median home price in that county. That number is adjusted for inflation every year. In 2023, the minimum homestead exemption is $339,193 and the maximum is $678,391. More on California homestead.
- Motor Vehicles - Equity in one or more motor vehicles for family use is exempt up to $7500.
- Furniture - are usually 100% exempt unless an individual piece has a current value in excess of $725 (Yard sale value).
Other exemptions under CCP §703.104 apply to protect:
- Tools of the Trade - up to $8,725.
- Public Benefits - such as Social Security, disability, and veterans' benefits.
- Retirement Benefits - up to 100% of benefits in tax qualified retirement plans (401(k), IRA, etc.)
- Jewelry - up to $1,750 for jewelry held for personal use.
- Firearms - You may be able to keep up fire arms with value less than $725 each.
- Wildcard - You may be able to protect up to $29,275 in any property. This amount is in addition to the other exemptions."
The above exemptions are only a small portion of the exemptions available to you. To learn more about what exemptions may be available to you, contact our Redlands bankruptcy exemptions lawyers at Dolen, Tucker, Tierney & Abraham. We can help you determine what property you can keep if you file for bankruptcy.
Choosing the Right Bankruptcy Exemptions for Your Situation
The California exemptions may be more generous than those in other states. However, they may not be enough to protect all of the property that you want to keep. This is why it is so important to work with an experienced bankruptcy attorney. We can help you determine which bankruptcy exemptions are right for you.
To determine which exemptions you may be able to use, you will need to do the following:
- Gather all of your financial information, including your credit reports and debt statements.
- Calculate your current income and expenses.
- List all of your property, including your home, car, and other items.
- Determine which property you want to keep if you file for bankruptcy.
Once you have determined which property you want to keep, you can determine which bankruptcy exemptions are right for you. For example, if you have a large mortgage on your home, you may not be able to protect all of your home. However, you may be able to protect some of your home. You should also consider which exemptions you may be able to use if you file for Chapter 13 or Chapter 7 bankruptcy.
Schedule a Consultation with a Redlands Bankruptcy Lawyer
Take control of your financial future! Our dedicated bankruptcy exemption lawyer specializes in protecting your assets during bankruptcy. With extensive knowledge of state and federal exemption laws, we'll craft a tailored strategy to safeguard your home, car, personal belongings, and more. Rest assured knowing that our expert legal team will advocate fiercely on your behalf to secure the best outcome for your unique situation. Don't let bankruptcy overwhelm you – schedule a consultation now and gain peace of mind in facing this challenging process. Your assets matter, and we're here to protect them
To learn more about bankruptcy exemptions and how they can help you, contact Dolen, Tucker, Tierney & Abraham at (909) 473-4948 for a consultation with a Redlands lawyer.
