email liquidation home decor

email liquidation home decor

One of the main concerns of someone who is considering filing for bankruptcy is whether they can keep their property if they file for bankruptcy. In the majority of circumstances all of the assets of the person can be protected in a bankruptcy through the use of bankruptcy exemptions. Bankruptcy exemptions provide a list of items that you can keep when you file for bankruptcy. In California there are two sets of bankruptcy exemptions that are available to debtors: 703 or 704 bankruptcy exemptions. When filing for bankruptcy in California you may only use one of the two bankruptcy exemptions. If you do not own a home or have very little equity in your home, then generally you will select the protections of 703.

If you are considering filing for bankruptcy and are concerned that you may be unable to keep your property, understanding 703 protections may resolve your concerns. 703 Bankruptcy protection exemptions protect the following property:

Property

Homestead Protection - $20,725

Explanation: If the home you live in contains equity then the homestead protection can be used up to $20,725 to protect the equity in your home, plus $1,100.00 (Wildcard protection) can be used toward the equity in your home if it is not used to protect any other property.

Wildcard Protection - $1,100

Explanation: The wildcard protection can be used to protect any property you own up to the value of $1,100. If you do not have equity in your home or the equity in your home is less than $20,725 then you can use the unused portion of the homestead protection as a wildcard. Your total wildcard protection can total $21, 825 if the homestead protection is not used at all.

Motor Vehicle - $3,300

Explanation: You can protect the value of your vehicle up to $3,300. If your vehicle is worth more than $3,300 after deducting for any loans owed on the vehicle, then you can utilize any amount remaining in the wildcard to protect the remaining equity in your vehicle. The motor vehicle protection amount can only be used on one vehicle. If you have a second vehicle that requires protection because there is equity then you can utilize the unused wildcard.

Furnishings, appliances, household goods, books, musical instruments, clothing, animals, and crops – Up to $525 per item

Explanation: You can keep all household furniture, home electronics, appliances and clothing items that do not total over $525 in value. The $525 in value would apply to each item and it refers to liquidation/pawn shop value, not the replacement value of the items. It is rarely the case that one household item is worth more than $525 in value. If there were an item above the $525 value then you could use your unused wildcard to protect it.

Jewelry - $1,350

Explanation: You can protect any jewelry you own up to the value of $1,350. If your jewelry is worth more than $1,350 in liquidation value then you can utilize any unused portion of the wildcard to protect the remaining value.

Tools of the trade, professional books - $2075.00

Explanation: If you have tools, equipment, machinery that it is used as part of your profession or business then you can utilize this exemption to protect up to $2,075 in the value of your tools, equipment, office equipment. If your tools or equipment are worth more than $2,075 then you can utilize any unused portion of the wildcard to protect the remaining amount.

Pensions & Retirements - ERISA qualified benefits needed for support/federal pension exemptions

Explanation: The majority of retirement and pensions qualify for protection under this exemption including IRA’s, 401K’s and profit sharing plans for retirement. You should have your type of retirement account reviewed to ensure that there are no issues with its protection. In most instances the protection of pensions and retirement plans will not be an issue.

Bank Accounts – Wildcard protection

Explanation: Any unused portion of the wildcard can be used to protect funds in checking and savings accounts.

There are several other protections listed under 703 bankruptcy exemptions. The above reflects the majority of items that clients have questions about protecting. If you are considering filing for bankruptcy and are concerned with protecting a particular item of property contact our law office and we will assist you in determine if the asset is protected.

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