I'm a certified specialist in bankruptcy law (California State Bar Board of Legal Specialization) practicing in the San Francisco Bay Area for more than 30 years. In addition to practicing bankruptcy law, I train new practitioners at Bankruptcy Mastery.

 

Author: Cathy Moran, Esq.

Bankruptcy exemptions enhanced

23 Oct Unwritten bankruptcy exemptions benefit debtors

Bankruptcy exemptions enhancedThe law that measures bankruptcy exemptions would be found in law books, you'd think. There are two alternate sets of California bankruptcy exemptions found in the Code of Civil Procedure. The state law exemptions, for instance, permit the debtor to keep $2550 in equity in vehicles, while the California bankruptcy exemptions allow $3300. But the unwritten bankruptcy exemption is added to those numbers: that "exemption" is the cost to the bankruptcy estate of administering that asset in order to turn it into cash that can be distributed to creditors.
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