Legal Question in Bankruptcy in California

what are the major differences between California Code of Civil Procedure 703.140 et.seq. and California Code of Civil Procedure 704.010 et.sq.?

Asked on 3/31/11, 4:34 pm

3 Answers from Attorneys

Mark Markus Law Office of Mark J. Markus
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There are many difference, but the main difference is the amount of the homestead exemption in 704 (ranging from $75,000-$175,000 presently; and the wildcard exemption in the 703 series which allows you to take an exemption in ANY asset or assets up to approximately $21,000.

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3/31/11, 4:44 pm
David Gibbs The Gibbs Law Firm, APC
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Attorney Markus is correct - one favors equity in a home, the other equity in assets that are not otherwise exempt, and therefore require the use of a "wildcard" exemption which is presently $23,250. If you are looking at these exemptions for purposes of exemption planning in bankruptcy, do be aware that bankruptcy case law has in many cases altered or limited the scope of what might be protected under the State statutes. Be very, very careful. Best to pay for the assistance of someone who has substantial experience in the field.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. 528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code."

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3/31/11, 5:01 pm
Brian Whitaker Lifeline Legal, LLP
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If you have more than $100,000 of equity in your home, you're going to want to file Chapter 13 (unless you are over 65). But problems can arise with cash and vehicles worth more than $5,000 if you don't have that wildcard available.

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4/01/11, 1:12 am

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