California Bankruptcy Exemptions Explained
When you file for bankruptcy in California, the court will require you to list all of your assets and debts. You will also need to list any exemptions that you are claiming. Exemptions are a set of laws that protect certain types of property from being seized by creditors.
There are two types of exemptions that you can claim in California: state and federal. State exemptions are a set of laws that are specific to California. Federal exemptions are a set of laws that are applicable to all states.
Some common examples of exempt assets in California include: your home, your car, your retirement savings, and your personal belongings. There are limits on the value of these exempt assets, so be sure to check with an attorney before filing for bankruptcy.
If you have any non-exempt assets, the trustee may sell them in order to pay off your creditors.
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