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When you file Chapter 7 Bankruptcy proceedings, you disclose to the Bankruptcy Court all of your assets and all of your debts, including how much your assets are currently worth. In most cases, you may keep all of your assets. In the State of California, you must elect one of two different sets of "Exemptions" which define how much property you can keep. The following are partial lists of available Exemptions:
| ·$17,425.00 of any kind of property. (+ 925) | ·Up to $75,000.00 of equity in your residence (more if you are disabled or elderly). |
| ·$2,775.00 in one motor vehicle. | ·$2,300.00 in motor vehicles. |
| ·$450.00 each in household goods, furnishings, clothing, etc. | ·Household furnishings and clothing that your family needs. (Reasonable value) |
| ·$1,150.00 in jewelry. | ·$6,075.00 in jewelry. |
| ·$1,750.00 in books or tools of trade. | ·$6,075.00 in tools of trade. |
| ·$9,300.00 cash value of life insurance. | ·$9,700.00 cash value of life insurance. |
| ·Health items prescribed for you. | ·Damages for personal injury. |
| ·Social Security and veterans' benefits. | ·A cemetery plot. |
| ·Unemployment insurance proceeds. | ·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 maket 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.
The Law Offices of Russ Rasmussen
5252 Balboa, Suite 704 · San Diego, CA 92117
858.569.0206 · Fax 858.569.0209
russ@russrasmussen.com