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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2500
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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Can I protect personal property from being included in a judgement

Resolved Question:

Can I protect personal property from being included in a judgement to pay debts?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
Hi.
As with bankruptcy, each state has exemptions to protect assets.

The california code is set out under two sections of the Code of Civil Procedure sections 704.010 et seq. and 703.140(b)
The following lists the current dollar amounts of exemptions from enforcement of judgment under title 9, division 2, chapter 4, article 3 (commencing with section 704.010) of the Code of Civil Procedure.
These amounts are effective April 1, 2007. They will be adjusted at each three-year interval, ending on April 1. The amount of the adjustment is based on the change in the annual California Consumer Price Index for All Urban Consumers for the most recent
three-year period ending on the preceding December 31, with each adjusted amount rounded to the nearest $25.
EXEMPTIONS UNDER SECTION 704.010 et seq.
704.010 Motor vehicle $2,550
704.030 Material to be applied to repair or maintenance of residence $2,700
704.040 Jewelry, heirlooms, art $6,750
704.060 Personal property used in debtor's or debtor's spouses's trade, business, or profession (amount of exemption for commercial motor vehicle not to exceed $4,850)$6,750
704.060 Personal property used in debtor's and spouse's common trade, business, or profession (amount of exemption for commercial motor vehicle not to exceed $9,700) $13,475
704.080 Deposit account with direct payment of social security or public benefits (exemption without claim, section 704.080(b)) Public benefits, one depositor is designated payee $1,350
Social security benefits, one depositor is designated payee$2,700
Public benefits, two or more depositors and designated payees $2025
Social security benefits, two or more depositors are designated payees $4050
704.090 Inmate trust account $1350
Inmate trust account (restitution fine or order) $300
704.100 Aggregate loan value of unmatured life insurance policies $10,775

EXEMPTIONS UNDER SECTION 703.140(b)

(1) The debtor's aggregate interest in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as residence, or in a burial plot for the debtor or a dependent of the debtor $ 20,725

(2)The debtor's interest in one motor vehicle $3,300
(3) The debtor's interest in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor (value is of any particular item) $525
(4) The debtor's aggregate interest in jewelry held primarily for the personal, family, or household use of the debtor or a dependent of the debtor $1350
(5) The debtor's aggregate interest, plus any unused amount of the exemption provided
under paragraph (1), in any property $1100
(6)The debtor's aggregate interest in any implements, professional books, or tools of the trade of the debtor or the trade of a dependent of the debtor $2075
(8) The debtor's aggregate interest in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor under which the
insured is the debtor or an individual of whom the debtor is a dependent $11,075
(11D) The debtor's right to receive, or property traceable to, a payment on account of personal bodily injury, not including pain and suffering or compensation for actual
pecuniary loss, of the debtor or an individual of whom the debtor is a dependent $20,725

It is best to speak to a local california attorney to properly qualify you for, and apply these exemptions to your individual assets
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2500
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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