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Debt Relief We offer reasonable rates and payment plans are available. Our attorneys are Certified Specialists in consumer and small business bankruptcy. Call 800-477-3111 for a free consultation.
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| Understand Your Rights Your creditors employ agressive legal teams to intimidate and confuse you. We can help ensure that you are not denied the full benefits afforded to you by the bankruptcy laws. More Information |
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Discount We offer a discount to those who have done their research and found us on the web. Learn more about our Internet discount. More Information |
Exemptions are provided under state law. The Federal bankruptcy laws allow each state to determine which assets a person is allowed to keep when a bankruptcy case is filed. California is one of the most generous of all states when it comes to exemptions. The state exemptions are set forth in two separate lists, which are found in California Code of Civil Procedure (CCP) §703 and §704. California has two different sets of exemptions. The debtor is allowed to use the exemptions from only one “list” or “set” of exemptions. These are either California Code of Civil Procedure (CCP) §703 or §704. We cannot “mix and match” from the two. There are some similarities between these exemption lists, but also some major differences. Therefore, expert legal guidance is imperative for any person filing bankruptcy. The failure to correctly plan for the bankruptcy filing and use the correct exemptions can actually cause some people to lose property that they could have been protected. Successful exemption planning. Proper exemption planning is essential to successfully accomplishing the Debtor’s goal of protecting assets. However, great care must be taken. Non-attorneys, such as the so-called legal document preparers, paralegals, or other non-attorneys, cannot be relied upon to properly guide a person through the legal maze of bankruptcy laws. Risk of losing assets. If the property has more equity in it than can be covered by every applicable exemption, (sometimes an asset may be cross-covered covered by more than one exemption) the bankruptcy trustee may sell the property. When the trustee sells the asset, the trustee will pay the amount of the exemption to the debtor, and retain the non exempt amount of equity for the bankruptcy estate. Money kept by the bankruptcy estate is used to the expenses of bankruptcy administration, and the remainder is distributed to creditors. Priority claims get paid ahead of other creditors from non exempt property. Money that is available in an estate to pay creditors is distributed according to a pro rata method of priority. Certain claims, such as family support and most types of tax claims enjoy priority, and are required to be paid ahead of non priority unsecured claims, such as credit card debts. If there is not enough money to pay all the allowed claims in full, you would see a situation where priority claims may receive a distribution and leave no money to pay anything to non priority unsecured claims.
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Exempt Property - Assets That Are Protected (Part 2 of 3)
Important notice required by Federal Law:
We are a debt relief agency pursuant to Federal Law §524 of Title 11 of the US Code. We provide legal assistance and help people file for bankruptcy relief under the Bankruptcy Code.
*DISCLAIMER: The information contained within this page and/or this site as a whole, including replies from Bayer, Wishman & Leotta to this PRE-CONSULTATION FORM, is not intended as legal advice, nor to create an attorney-client relationship yourself and Bayer, Wishman & Leota, PC and/or debt-relief-bankruptcy.com, it is informational in nature. Though bankruptcy is federal law, your particular state of domicile can impact the advice you receive. Furthermore, bankruptcy law is very complicated, therefore, an experienced bankruptcy lawyer within your state of domicile should be consulted for specific issues concerning your particular set of facts. Users of the internet should not rely on an e-mail message to Bayer, Wishman & Leota, PC and/or debt-relief-bankruptcy.com through this web site to create an attorney-client relationship. Said users should not act upon any information in this web site without first directly consulting legal counsel of their own. The hiring of a lawyer is an extremely important decision which should not be based solely upon advertisements, web pages, brochures, or other promotional materials. Unless a written retainer agreement has been signed by a member of Bayer, Wishman & Leota, PC, no attorney-client relationship exists between you and Bayer, Wishman & Leota, PC. This web site might be characterized as an ADVERTISEMENT. The responses and information are intended to be general and should not be relied upon for any specific situation. For legal advice, consult an attorney.
