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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37830
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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If we have a lot of equity in our house, can we protect that

Customer Question

If we have a lot of equity in our house, can we protect that if we have to file bk especially for the purposes of business debt?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 3 years ago.


California Code Civ. Proc. sec. 704.730 provides between $75,000 and $175,000 in equity protection for a bankruptcy debtor's principal residence. The amount depends on your specific circumstances:


  • $75,000: Basic homestead for single person
  • $100,000: Head of household
  • $175,000: Single debtor 55 yrs+ with up to $25,000 gross annual income, or $35,000 for joint debtors.


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