Exemptions In Bankruptcy

Written by Adam Peck Category: Nursing Homes January 23rd, 2013 1 min read

Dependent upon which exemption scheme is selected and your circumstances, you may exempt up to $100,000 in equity. for real estate in your jurisdiction. When calculating your equity you should use a value that is based upon a forced liquidation as opposed to the best selling conditions to arrive at a value for your home. Once you determine this value, subtract the amount owed plus selling and transfer costs from the value to calculate the equity.

As for personal property, in California, you are permitted exemptions for a variety of personal property. These include:

* automobiles,
* household furnishings and personal effects,
* jewelry,
* tools of the trade,
* retirement plans,
* unmatured life insurance,
* personal injury awards,
* earnings,
* animals and
* other miscellaneous property

The value of each exemption and which exemptions can be used are determined by the statutory exemption scheme is selected. Again, state laws vary.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.