Legal Question in Bankruptcy in California

Ca BK Wild Card Exemption - will it cover my ONLY asset

I bought a new car outright in 2002 which I intended to drive for its lifetime. Besides the car, I really don't own anything of value. Its Kelly blue book value is $9K-$13K. It appears neither exemption sec.1 nor exemption sec. 2 would protect my car. Is that true?


Asked on 2/09/09, 5:04 pm

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Ca BK Wild Card Exemption - will it cover my ONLY asset

Yes, if you have no other assets to exempt, the wildcard exemption under CCP 703.140(b)(5) will cover that amount.

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Answered on 2/09/09, 5:18 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: Ca BK Wild Card Exemption - will it cover my ONLY asset

Using the Code of Civil Procedure section 703.140 exemptions, you would first use the automobile exemption to the maximum, and then apply the remainder to the wild card exemption. Don't forget to exempt your household goods and furnishings, clothing, and money in your bank accounts, too.

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Answered on 2/09/09, 5:22 pm


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