How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

Im filing for a chapter 7 bankruptcy in CA through The Document

Resolved Question:

I'm filing for a chapter 7 bankruptcy in CA through The Document People because I can't afford a lawyer. So I need legal advice. My car is paid for and has a Blue Book value of about $12,500-$14,00. I need to drive to get to my jobs here in LA. Will I lose my car?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
How much - if any - of the homestead exemption will you be using?
Customer: replied 6 years ago.
Hi Christina,

Thanks for getting back to me! Sorry, I was out for the evening and so didn't get your response until just now.
I had no idea what that is so I just googled "homestead exemption". I'm still not sure what it is. Is it the dollar amount of stuff they won't take away from you if the bankruptcy is approved?
I don't currently own a home but rent a small apartment, so it looks like I'm using System #2 for California law which allows for $20,725 as of Jan. 2010 according to So it sounds like a simple math question. If the rest of my property that I want to keep is about $5,000 (I don't remember the exact numbers, I turned in my paperwork to be processed a few weeks ago), then as long as my car is under $15,725, I get to keep it? Is that what it means?
Expert:  cfortunato replied 6 years ago.
Yes - if you are not using the Homestead Exemption for a home, you can use the entire amount ($22,075) plus the $1,175 wildcat exemption for any other property, including a car. You also have the $3,525 for the car. These are the current amounts. You can see them here:
Customer: replied 6 years ago.

Thanks for getting back to me! It seems these exemption numbers are always changing, so thanks for the URL as well!

Expert:  cfortunato replied 6 years ago.
You're welcome! (Please don't forget to hit the "ACCEPT" button.)
Thank you!
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions