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What can I keep in bankruptcy? There are exemptions in bankruptcy that protect your stuff. In most chapter 7 and chapter 13 bankruptcy cases we can use these exemptions to protect all of your stuff, including your home or car. Schedule a free consultation today to find out how to get rid of burdensome debts and still keep you stuff, 1-877-963-9543.
There are two sets of exemptions available when filing a bankruptcy case in California. California Civil Procedure 703 and California Civil Procedure 704 and the California laws what set limits on what can be protected when filing bankruptcy in California. The 703 set of exemptions provides a generous wildcard exemption that can be applied to anything. This is the most distinct feature of this set of exemptions. The distinguishing feature of the 704 set of exemptions is the generous homestead exemption to protect equity someone may have in a home.
A little known fact is that all qualified retirement accounts or ERISA accounts are completely protected under both sets of exemptions. While it is very admirable to take a loan against a retirement account, or an early withdrawal from a retirement account, in an attempt to get out from under burdensome debts, it usually does not work and we could have protected every penny in the retirement account. To add injury to insult, an early withdrawal triggers a tax obligation on the funds received. Usually the taxes are not paid at the time of the withdrawal, so you now owe taxes to the Internal Revenue Service and Franchise Tax Board, do not have any retirement savings and still need to file bankruptcy to get out from under the burdensome debt. So, do not take out a loan or early withdrawal before talking to one of our experienced Union City bankruptcy lawyer.
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