Dependent upon which exemption scheme is selected and your circumstances, you may exempt up to $100,000 in equity. for real estate in your jurisdiction. When calculating your equity you should use a value that is based upon a forced liquidation as opposed to the best selling conditions to arrive at a value for your home. Once you determine this value, subtract the amount owed plus selling and transfer costs from the value to calculate the equity.
As for personal property, in California, you are permitted exemptions for a variety of personal property. These include:
* automobiles,
* household furnishings and personal effects,
* jewelry,
* tools of the trade,
* retirement plans,
* unmatured life insurance,
* personal injury awards,
* earnings,
* animals and
* other miscellaneous property
The value of each exemption and which exemptions can be used are determined by the statutory exemption scheme is selected. Again, state laws vary.
Contact the Peck Law Group toll free at 1.866.999.9085 to talk to an experienced California Bankruptcy Attorney and visit us online at thepecklawgroup.com
