Call Now
(916) 780-7005
Click Here
Free Case Analysis
MENU
  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Bankruptcy Exemptions – All About Priorities

Chapter 7 bankruptcy filers in California receive some flexibility on which types of property that they would like to protect from liquidation. Californians are afforded two sets of “exemptions” in their state’s bankruptcy code. The first set of exemptions is referred to as the 703 exemptions. The second set is called the 704 exemptions.

Which Do You Pick?

Picking between these two options depends on what kind of property you are attempting to protect. The main question a potential bankruptcy filer must answer is: do you rent or own your home? If you rent your residence, you may opt to use the 703 exemptions which allows you to utilize, in addition to other protections, a “Wildcard Exemption” which permits a filer to exempt over $30,000 in equity in assets (as of the date of this article’s
publication). Additionally, under these exemptions you can protect a good deal more of your vehicle’s equity than under the 704 exemptions.
Conversely, if you own your residence and wish to protect it from liquidation, the homestead exemption under the 704 set is much larger (by a factor of about ten times as much), but the amount you can protect is widely variable and depends on the county in which your home sits. You will need to talk with an attorney to see how much of your home’s equity you can protect in Chapter 7 bankruptcy. There are other differences between the two sets of exemptions, but this first question will typically determine your probable course of action.

To learn more about what kind of property you can protect in bankruptcy, you should speak with an attorney today to see which set of exemptions is right for your situation. Please feel free to reach out to your Yuba City bankruptcy attorney at (530) 797- 4402 to discuss how we can help you with your debts.

Categorized in: