The answer depends on which Bankruptcy you file.  If you file under Chapter 7 Bankruptcy, you will lose your assets that is not protected under the California Exemptions.  If you file under Chapter 13 Bankruptcy, you can keep assets that are not protected under the California Exemption by paying your unsecured creditors through a payment plan for upto 60 months.  This does not mean that you will pay all your debt; you might pay only a fraction of your debt depending on the value of your assets and income.

In Bankruptcy, and if you resides in California long enough, you have 2 sets of Exemption to choose from:  CCP 703 and CCP 704.  (CCP is a abbreviation for California Civil Procedure)  Keep in mind these figures are subject to change.  These exemptions were last updated by the California Judicial Council to adjust for inflation on April 1, 2013. The next update will be April 1, 2016.

Unfortunately, California does not allow you to double the exemptions if you are married.  If you recently moved to California, you might have to use exemption from a different state that you had resided.

Under CCP 703 California Exemption:

Under CCP 704 California Exemptions:

For more information call to schedule an appointment with an Experienced Bankruptcy Attorney to review your case and protect your assets.  Bankruptcy Attorney’s Offices are located in Sacramento, Stockton, and Fairfield, California.

We are a Debt Relief Agency. We help people file for bankruptcy relief under the bankruptcy code.

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