Q: What code and section for property exemption (e.I. car)?
A: There are 2 sets of exemptions available in CA. Code of Civil Procedure Sec. 704.010 et.seq or CA Code of Civil Procedure 703.140 which is only available in bankruptcy. When you file for bankruptcy, you have to decide which set of exemptions you want to apply. You can't pick and choose from both sets. Which set of exemptions is most advantageous for your situation may hinge on whether you own a home and whether you have any equity in the home. Choose the set of exemptions carefully as you can't change it later. When choosing the best set of exemptions, you don't look just at 1 exemption. You have to keep the whole picture in mind. Depending on your particular circumstances, you may be able to benefit from more than 1 exemption. For instance, let's say the equity in your car is more than the applicable motor vehicle exemption, you could use all or a portion of the wild card exemption and/or any unused unused portion of the §703.140(b)(1) exemption. Please note, the wild card exemption is only available under the special California Civil Procedure 703.140 bankruptcy exemption set. You will also have to make sure that you have resided in CA long enough to be eligible for the California exemptions (2-year minimum requirement). As you can see, there is a lot to choosing the right set of exemptions and I would highly recommend you consult with a local bankruptcy attorney to make sure you get answers that are tailored to your specific circumstances.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.