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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Im filing for a chapter 7 bankruptcy in CA through The Document

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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: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
How much - if any - of the homestead exemption will you be using?
Customer: replied 7 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 7 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 7 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 7 years ago.
You're welcome! (Please don't forget to hit the "ACCEPT" button.)
Thank you!
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