Knowing what is a potential exemption when filing for bankruptcy can protect you from unnecessarily losing assets you could have kept.
In California, there are exemptions that go by category, a certain amount of fair market value being exempt in each class. But there are also wildcard exemptions that can apply to a wide range of different items.
Whether you file for Chapter 7 or 13 bankruptcy will affect how exemptions work; but in California, you can also choose between different exemption schemes (703 or 704). And which scheme you choose can greatly impact how many and what kinds of your possessions are exempted.
Knowing which exemption scheme to opt for and which form of bankruptcy to file for isn't easy for the uninitiated, but we can guide you through the legal minutia to put you in a position to make the best possible decision.
At San Diego Bankruptcy Attorney, we have a detailed understanding of the precise way in which bankruptcy exemptions are applied. We know how much you are allotted in each category and how Chapter 7/13, and scheme 703/704 will affect you based on a detailed listing of your possessions and their fair market values.
We can help you understand how to property inventory your assets and how to choose the best exemptions plan that will benefit you the most.
