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Category: Bankruptcy Law
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Im from California, filing Chapter 7 without an attorney,

Resolved Question:

I'm from California, filing Chapter 7 without an attorney, I want to know the difference between 11 USC 522b2 & 11 USC 522b3 exemptions on Schedule C. Also, the column asking specify law providing each exemption.

I have retained a lawyer for 2 years paying him $500.00 a month for doing a credit defense on all my credit cards, he is against bankruptcy and he doesn't want me to include the credit card debts in my Chapter 7. He guides me in this filing out the forms but can't give a good answer on the question regarding exemptions and the law providing each exemptions. I
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

11 USC 522(b)(2) are the federal exemptions. 11 USC 522(b)(3) are the state exemptions. If you have lived in California for the past 2 years, you have to use the state exemptions, and would therefore have to check 11 USC 522(b)(3).

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

 

 

cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
What is the specify law providing to the exemption
Expert:  cfortunato replied 6 years ago.

Are you using System 1 or System 2?

Customer: replied 6 years ago.

What is system 1 or 2, Is it USC?

I am using 11 USC 522 b3

Expert:  cfortunato replied 6 years ago.

There are 2 separate groups of state exemptions available for California Bankruptcy filers. These are called "System 1" and "System 2". The filer must choose one of these 2 groups.

In general, if the debtor has a home with more than $20,000 equity, he or she will want to use System 1. If not, the debtor will usually want to use System 2.

Here are the exemptions and statutes for System 1:

http://bankruptcy-law.freeadvice.com/bankruptcy-law/california-bankruptcy-exemptions.htm.

Here are the exemptions and statutes for System 2:

http://bankruptcy-law.freeadvice.com/bankruptcy-law/california-bankruptcy-exemptions-2.htm.