Protect Your Property with The California Homestead Exemption
June 18, 2020
Get Help From Our Homestead Exemption Lawyer
Most debtors can keep all of their real and personal property when going through Chapter 7 or Chapter 13 bankruptcy because the state has passed laws outlining exemptions to prevent creditors from seizing assets deemed to be ordinary and necessary. At Leibowitz Law Group, we understand that protecting your property is important to you and we aim to ensure that your rights are also fully protected throughout the course of your bankruptcy case.
If you are interested in learning more about your eligibility to file for bankruptcy or want to know how working with our homestead exemption lawyer can assist you in safeguarding your investments, contact our firm right away.
Two different sets of exemptions have been established to protect debtors. The homestead exemptions are for individuals with equity in their homes. The second set of exemptions was created for individuals who do not own homes or with little or no equity in their homes. The debtor may only select one set of exemptions
There are many exemptions available to Debtors. Our attorney will review your asset list and review the exemptions available to you.
Some of the most utilized exemptions are listed below.
Homestead (§704) exemptions:
$75,000 homestead exemption for an individual
$100,000 homestead for a family unit.
$175,000 for individuals 65 and over or who are disabled
$3,325 for a motor vehicle
Reasonable and necessary personal property
Wildcard (Non-homestead §703) exemptions:
$29,275 wildcard exemption (used for any purpose)
$5,850 for a motor vehicle
Most retirement accounts
$725 per household item
Do You Need More Information About Bankruptcy?
At Leibowitz Law Group, we are proud to be highly experienced legal professionals who have extensive knowledge of California and federal laws governing bankruptcy. We can use our knowledge to benefit your case. We are aware that this time in your life can be very stressful, but we aim to make this process as painless and easy as possible for you.
Once you retain our Long Beach bankruptcy attorney services, you can trust Leibowitz Law Group to help resolve your debt problems, protect you from creditor harassment, and help you start sleeping better at night.
To learn more about your rights, contact our firm today by completing an online free case evaluation form now!