How to determine which exemption to use in CA?

I am just researching all this, and am so confused as to the exemptions in CA. We are 100K in debt, all credit cards. Plus $25K in student and parent loans. Hubby lost job, used credit cards waiting for that big commission check that never came, and despite my taking on extra jobs and having 0%, low interest, etc. cards, still can't make payments. Are just in process of *not* paying cc's, scary!

With no assets except three used cars, but both of us having jobs, what do we do as far as which exemption schedule to follow? I can't see an advantage to either except that schedule 1 appears to allow me to keep 75% of current paycheck at time of filing?

Thanks for any help or advice!

I moved your post here to its own thread so you would get better answers, CA3. In the future, please don't post to old threads - the original post you made to a thread about Calif exemptions was two years old and the information in it is out of date.

I am just researching all this, and am so confused as to the exemptions in CA. Here's a link that explains the current CA system of two exemption systems - http://www.bankruptcyinformation.com/CA_exemp.htm . You can choose one or the other - whichever gives you the best outcome on the Means Test.

If you haven't done so yet, start making appointments for free half-hour to hour consultations with 3-4 bankruptcy-specialty lawyers in your area. You can ask questions like which of the two Systems is best for your situation, and you will also learn a great deal about what's going to work best in the long run for your family.

We are 100K in debt, all credit cards. Plus $25K in student and parent loans. Just to be sure you are aware, except in very unusual circumstances, student and parent loans are not dischargeable in bankruptcy. Do ask about this during your free bk lawyer consultations.

Hang in there, and keep asking questions. We're here to help if we can.