What Are the California Bankruptcy Exemptions?
Filing for bankruptcy can be a difficult and emotional process, but it is important to know that filing for bankruptcy does not mean you have to lose everything. In the state of California, there are certain assets and property that are exempt from being liquidated when filing for Chapter 7 bankruptcy. Knowing what specific exemptions exist in the state of California will help debtor's decide which possessions they are allowed to keep after filing.
California offers both state-specific exemptions as well as federal exemptions, like the homestead exemption which allows debtors to protect up to $75,000 from creditors depending on the county in which they live.
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