California Bankruptcy Exemptions Explained
California bankruptcy exemptions are laws that provide debtors with a way to protect certain assets from creditors. When a debtor files for bankruptcy, all of the debts that were accrued prior to filing may be discharged by the court. However, some assets can be exempted from discharge and remain under the ownership of the debtor. Knowing which assets are exempt from bankruptcy proceedings is critical when filing for this type of protection in California.
The Bankruptcy Code provides certain exemptions based on where the debtor resides when they file. In California, there are two sets of exemption statutes: The Federal Bankruptcy Exemptions and The California Exemption System. The federal system includes basic items such as motor vehicles up to a certain value and clothing up to a specified amount, while California’s system allows debtors to keep more personal property but restricts equity in real estate holdings above a certain level.
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