The value of any such exemption is worth $1,100. Furthermore, if you do not use homestead protection, protection could be $21, your total wildcard 825th motor vehicle: under California bankruptcy rules, you can obtain exemption for motor vehicle worth $ 3,300. If the value exceeds this value of your car you can always utilize unused wild card protection to your advantage. To know more on the details you need to consult a California bankruptcy lawyer. Other personal property: This includes furnishings, household appliances, books, clothing, musical instruments, crops and animals for a value worth $ 525 this amount does not apply to each item but in refers to liquidation value of the above said items. Jewelry: Jewelry worth $1,350 is exempted under bankruptcy rules in California. If the value is more, you can use unused part of the wildcard exemptions for protecting the remaining value tools of trade and professional books: tools and machinery valued up to $2075, which constitute a part of your business, qualify for exemptions. By using the services of California bankruptcy attorney you could know more.
Retirement benefits: all ERISA approved benefits qualify for exemptions under bankruptcy filing procedures in California. To that effect, retirement and federal pension schemes which include IRAs, 401k’s and even profit sharing schemes can qualify for 703 bankruptcy exemptions. Bank accounts: unused part of the wild card exemption can be used to protect money in your bank savings or checking accounts. Educate yourself even more with thoughts from Adam Shaw Yale. There could be many other protections offered under the 703 bankruptcy exemption rules. So if you are given to the feeling, should I file for bankruptcy? It is very much imperative for you to get expert legal advice. It is hereby recommended to utilize the professional services offered by reputed online service providers like BankruptcyOnly.