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When you file Chapter 7 Bankruptcy proceedings, you need to disclose to the Bankruptcy Court all of
your assets and all of your debts, including the value of your assets. In most cases, you may keep all of your assets. In
the State of California, you elect one of two different sets of "Exemptions" which define what property you can
keep. The following are partial lists of available Exemptions:
| Set No. 1 |
Set No. 2 |
| $22,075 of any kind of property. (+ $1,175) |
$50,000 - $100,000 of equity in your residence (more if you are disabled or elderly). |
$3,525 in one motor vehicle.
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$2,725 in motor vehicles.
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| $450 each item of unlimited household goods, furnishings, clothing, etc. |
"Reasonable value" of household goods, furnishings and clothing, etc. |
$1,425 in jewelry.
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$7,175 in jewelry.
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$2,200 of books or tools of trade.
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$7,175 in tools of trade.
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$11,800 cash value of life insurance.
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$11,475 cash value of life insurance.
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Health items prescribed for you.
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Damages for personal injury.
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Social Security and veterans' benefits.
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A cemetery plot.
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Unemployment insurance proceeds.
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Disability, health and Worker's Compensation benefits. |
| Pension and Profit Sharing Plans, in most instances. |
Pension and Profit Sharing Plans, in most instances. |
Note that the dollar values indicated above apply to the current fair market of the property.
The fair market value of property is not what you paid for it but what you could sell the property for. In most
instances, your property is worth a fraction of what you paid.
Included herewith is a Time Magazine article released on Monday, June 15, 2009 that is certainly
worth a couple of minutes for you to review. "A Brief History of: Bankruptcy" written by Laura Fitzpatrick.
To view this article (Click Here)
Famous People That Have Filed for Bankruptcy:
Abraham Lincoln
Thomas Jefferson
Donald Trump
Orange County, CA
King Phillip II of Spain
Larry King
Debbie Reynolds
Burt Reynolds |
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Tom Petty
Dolly Parton
Kim Basinger
Francis Ford Coppola
Walt Disney
Henry Ford
Ulysses S Grant
Paulo Gucci |
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Tony Gwynn
H. J. Heinz
Milton Hershey
Wayne Newton
Rembrandt
Mark Twain
Johnny Unitas
Oscar Wilde |
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