I'm considering filing Chapter 7 Bankruptcy but am hesitant because of some valuable pieces of jewelry ( ie family heirlooms) I have in my possession. It's my understanding that under System 2 in CA you basically get a wild card of about $21k that allows to make certain assets exempt. These items were on an insurance policy also so I don't want to NOT disclose them and then have my bankruptcy thrown out because I failed to disclose assets.
I'm confused because the wildcard falls under the homestead portion of the filing and I have never owned a home, I have always rented. Can I still use this get out of jail free card or is it only if I own property?
I'm confused because the wildcard falls under the homestead portion of the filing and I have never owned a home, I have always rented. Can I still use this get out of jail free card or is it only if I own property?