Tag Archives: bankruptcy exemptions

Bankruptcy Exemptions Have Changed in California

Breaking News Bankruptcy Exemptions Have Changed in California As of April 1, 2016, as per the law, the Bankruptcy Exemptions are raised based on the 3 year cost-of-living change. Bankruptcy Exemptions are what the law lets you keep in a Bankruptcy for a “Fresh Start.” In California there are 2 sets of exemptions.   One…

Why You Never Lie in Bankruptcy

The Hidden Dragster & Why You Never Lie in Bankruptcy

I often have clients ask the same question. I tell the client “sure, you can give the house, car or whatever to your friend/relative for free or $1. The bankruptcy Trustee will be glad to take it away from them and sell to pay your creditors.” Often the asset they are trying to protect can be protected if they are in their own hands but cannot be protected after the transfer.hidden dragster and why you never lie in bankruptcy

Example of a Lie in Bankruptcy

I had husband and wife clients many years ago that decided to not tell me about or list a dragster they owned as an asset in their bankruptcy. After all, he wanted to keep it and since it was not registered with the Department of Motor Vehicles they though no one would know about it.

New California Bankruptcy Exemptions Compared

    Standard California Bankruptcy Exemptions & Wild Card California Bankruptcy Exemptions. A Side by Side California Bankruptcy Exemption Comparison Chart (This Chart Includes the New California Bankruptcy Exemptions Amounts as of April 1, 2016) TYPE OF PROPERTY STANDARD CALIFORNIA BANKRUPTCY EXEMPTIONS WILDCARD CALIFORNIA BANKRUPTCY EXEMPTIONS California Homestead Exemption for Debtor’s Principal Residence (including mobile homes, houseboats &…

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