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contractor filing bk himself and wants to save his trailer and car

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    contractor filing bk himself and wants to save his trailer and car

    I work in a business where i see a lot of contractors totally losing everything . This one is particular is going to file bankruptcy ch7 but is worried the bk trustee will take away his van and trailer (both paid for) which is where he keeps his tools and would prevent him from making a living (however meager it is right now)

    is there an exemption ( in CA) that alows him to keep his trailer and van? He has a '92 surbuban paid for which he is willing to give up but would rather not.

    the trailer is worth about 800
    the van about 14,000


    He is a sole proprietorship as a contractor.

    #2
    California has two exemption systems, and you must choose one or the other - the first one favors more home equity. If he is not exempting equity in a home, he can use system 2, which provides for approximately 20k in wild card exemptions, which can be used to exempt any property.

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