Question on exemptions

[Lajazz947]

I am in California.

I just filed but I have a new question.

Mu house is under water so no equity. I am keeping it.

I have yet to ask my attorney and I like to be prepared. While I have Googled the topic I am having trouble finding out what exemption method I use if I have no equity in the ehome.

I am particularly worried that I have two cars that are paid for worth a collective $15,000 or so.

Can I keep them in lieu of the lack of equity in the home?

Thanks.

[ready2puke]

You have 21k in exemptions which you can use for anything you please....

[Lajazz947]

You have 21k in exemptions which you can use for anything you please....

Thank you so much. That should cover just about everything that I have including the cars.

[BROKENN]

In California you have two systems. System 1 with a house and System 2 without a house or surrendering.

http://legalconsumer.com/bankruptcy/bankruptcy-law.php?ZIP=90001&ST=CA&CBSA=31100&FEDCT=CAC&CITY=Los+Angeles&METRO=Los+Angeles-Long+Beach-Santa+Ana

You do not get the wildcard if you are keeping your house under System 1...... but am not sure if it is upside down.

Maybe someone can chime in, the link will tell or you can ask your atty.