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In California...$25k in "non exempt" property?

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    In California...$25k in "non exempt" property?

    What does this mean? Our lawyer said we could keep 2 cars and our damaged boat. In all, the value (if we were to sell quickly) is around $ 21k. We are surrendering our home and filling Ch.7 today.
    Does the $25k "non exempt" sound right? I'm worried that he's wrong but he is a good lawyer recommended by others.
    CHAPTER 7 FILED: 1/18/2008: 341: 2/19/2008
    DECLARED NO ASSESTS: 2/20/2008
    OBJECTION TO DISCHARGE DUE: 4/21/2008
    DISCHARDGED & TERMINATED:4/22/2008

    #2
    Originally posted by dp1969 View Post
    What does this mean? Our lawyer said we could keep 2 cars and our damaged boat. In all, the value (if we were to sell quickly) is around $ 21k. We are surrendering our home and filling Ch.7 today.
    Does the $25k "non exempt" sound right? I'm worried that he's wrong but he is a good lawyer recommended by others.
    In California if you use system two there is a combined wild card exemption of $21,825 per person. If you are a married couple the exemption is twice that or $43,650.
    Filed Ch 7 - 6/30/08
    341 Meeting - 7/31/08
    Discharged - 9/30/08
    Closed (finally) - 2/10/09

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      #3
      slam 22 are you sure as I did not think the wildcard exemption in system 2 was doubled or at least that is what both lawyers I met with told me??
      Chp 7 Filled 2-21-08
      341 Hearing 3-24-08

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        #4
        The wildcard can not be doubled for a married couple.

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          #5
          Originally posted by DueProcess View Post
          The wildcard can not be doubled for a married couple.
          Geez I guess I really got that one wrong. My thinking on that was I assumed that if two non-married people who live together filed BK then they would each get the exemption. Doesn't that discriminate against married people? The follow up question to this would be can married people file separate petitions and each person have their own set of exemptions?
          Filed Ch 7 - 6/30/08
          341 Meeting - 7/31/08
          Discharged - 9/30/08
          Closed (finally) - 2/10/09

          Comment

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