Posted on July 20, 2009 at 5:39 am i reside in the state of CA and was wondering what property will be left with me if i decide to file for chapter 7 bankrupcy.please let me know. thanks so much

Posted on July 20, 2009 at 5:46 am The state of California offers its citizens two options for filing bankruptcy. It gives the consumer an opportunity to keep the most property and at the same time see which option would be most beneficial to them in the long run. Under option one, the Chapter 7 bankruptcy exemptions California in terms of property are:

• Real property, mobile home, apartment, boat, condominium, or stock cooperative up to $50,000 if filer is single and not disabled; $75,000, if one of the family members does not have a homestead; $150,000 if the filer is $65 or older, or if they are physically or mentally disabled; the same amount applies if the debtor is 55 or older, single, and earning less than $15,000 a month, or married and earning under $20,000.

Posted on July 20, 2009 at 6:05 am My apologies for the double post-- I meant, if the filer is 65 years old or older, not $65.

Posted on July 20, 2009 at 6:06 am This is how the property exemptions function under Option 2: Real or personal property, if this is used as a residence, with a limit of up to $20,725. The unused portion can be applied to any property.

Posted on July 20, 2009 at 6:46 am How do I choose between the two options? Is property the only exemption or are there any more?

Posted on July 20, 2009 at 7:14 am In my understanding, you're only allowed to choose one Option, and you cannot mix-and-match conditions on both options to suit your needs. Whatever your desired option you need to inform your attorney of such.Here's another comparison in terms of personal property. With option one, appliances, furnishings, clothing, and food are exempt; aside from bank deposits from the Social Security Administration, up to $2700; motor vehicles up to $2550, or $2550 in vehicle insurance; jewelry, heirlooms, and art totaling to $6750; building materials for home improvement and repair up to $2700; burial plot; funds held in escrow; health aids; personal injury and wrongful death causes of action; and personal injury and wrongful death recoveries essential for support. For option two, Exempted personal property are as follows: health aids; an automobile up to $3300; personal injury recoveries to $20,725; wrongful death recoveries needed for support; a burial plot amounting up to $20,725; animals, appliances, crops, books, household items, furniture, and clothing, for up to $525 per item; and jewelry up to $1350.

Posted on July 20, 2009 at 11:26 pm what are the other exemptions available? and what makes the CA exemptions so special, anyway?

Posted on July 21, 2009 at 1:52 am As mentioned by Karess earlier California is the only state that offers two exemption options. One other notable difference is that under Option One, a wage exemption exists. It is a minimum of 75% of wages that are paid within 30 days of filing, and also vacation credits of public employees. Option two on the other hand does not include this on their list.

Posted on July 21, 2009 at 1:54 am Do I have to qualify for option one or option two? Or I can just freely pick?

Posted on July 21, 2009 at 2:48 am the state of California allows debtors to choose between two kinds of state exemptions. But as mentioned earlier, mixing and matching is not allowed.