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 dylatess Your Own Question
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
Type Your Bankruptcy Law Question Here...
dylatess is online now
A new question is answered every 9 seconds

how much cash can I keep in Chapter 7 california bankruptc

This answer was rated:

how much cash can I keep in Chapter 7 california bankruptcy?
Over 34 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

What you are referring to is exemptions. That is what you can keep and not lose. And in California, you can keep any combination of cars with equity, and other personal property so long as the total of all of your personal property does not exceed $18,000. Likewise, you can keep the money, if under the exeption total in any account.
Customer: replied 5 years ago.

What do you mean by "exeption total"? I did not ask about property. I do not have much of that. I need to know how much money I can keep. Also, what does "in any account" mean? Does it mean that there is a limit for a particular account?

Customer: replied 5 years ago.
Relist: Answer quality.
I wanted to know how much money I can keep in checking and savings accounts in California Chapter 7 Bankruptcy. The original answer talked about property like cars and jewelry. I don't have much property. I need to know how much cash is exempt.
Please note that property does not only mean real estate as cash in the bank is property. And if you file BK, you are allowed to keep up to $18000 worth of property as that is what is known as your exemption And if you have cash, you can keep it in a checking or savings acount. The only thing you need to be concerned with is that the total of all your property, cash, furniture, clothing, does not esceed $18000.

Please be so kind as to rate my answer as ok or better. Otherwise, this site keeps your depsiti and does not pay me. Thanks.
dylatess and 3 other Bankruptcy Law Specialists are ready to help you