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California Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your bankruptcy lawyers can use California state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of California bankruptcy exemptions that a California lawyer can use to help keep creditor's hands off your cherished possessions. The California bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the California bankruptcy exemptions below are not an exhaustive list, therefore you should contact the California bankruptcy attorneys of Legal Helpers to determine the other types of property that you own which may be exempt.

Homestead California Bankruptcy Exemptions

This exemption to protect up to $75,000 in equity in your house and land, mobile home or boat. Additionally, Your bankruptcy lawyers can protect $100,000 for a person who is 65 or older, disabled, or over 55 with annual gross income of $15,000 or less.

Motor Vehicle California Bankruptcy Exemptions

Your lawyers can use this exemption to protect $1,900 in value of any one motor vehicle listed in your U.S. federal bankruptcy.

Clothing, Textbooks, Bible, Family Pictures California Bankruptcy Exemptions

This exemption allows your bankruptcy lawyers to protect 100% of your interest in various personal items such as your clothing and personal heirlooms.

Life Insurance Proceeds California Bankruptcy Exemptions

This exemption can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Alimony, Support California Bankruptcy Exemptions

Your bankruptcy lawyers may also be able to exempt alimony, support, or separate maintenance, to the extent reasonably necessary to help support you during your U.S. federal bankruptcy.

Proceeds of Sale of Homestead California Bankruptcy Exemptions

Along with the Homestead California Bankruptcy Exemptions mentioned above, a lawyer may also be able to exempt proceeds if you sell your home within one year prior to the U.S. federal bankruptcy. Qualified

Qualified Retirement Plan California Bankruptcy Exemptions

Your lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as they determine that your savings are in a qualified retirement plan.

Tools of the Trade, Professional Books California Bankruptcy Exemptions

This is a useful exemption that we use to protect up to $5,000 of the tools you use in your profession for both you and your spouse if each is engaged in a trade or business. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits California Bankruptcy Exemptions

Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Worker's Compensation California Bankruptcy Exemptions

A lawyer can protect 100% of compensation you receive under California workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In California, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.

Learn more about Colorado bankruptcy exemptions.