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 socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39039
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

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.


Please let me know if my answer is helpful or if I can provide further clarification or assistance. And, thanks for using!