The income limit for Chapter 7 bankruptcy in California is based on the state’s median income. If your income exceeds the limit, you may need to consider Chapter 13. Our attorneys can help you determine your eligibility.
FAQ Tag: California Bankruptcy
What are the bankruptcy laws in California?
California bankruptcy laws adhere to federal bankruptcy code but have unique provisions regarding exemptions, community property, and automatic stays. Our experienced attorneys can guide you through the intricacies of California bankruptcy law and tailor a strategy to protect your assets and achieve your financial goals.
What are the bankruptcy exemptions in California?
California offers generous bankruptcy exemptions, allowing you to protect a significant portion of your assets. Key exemptions include:
- Homestead Exemption: Up to $75,000 – $175,000 of home equity, depending on your county and household size.
- Vehicle Exemption: Up to $4,450 for one vehicle.
- Personal Property: Various exemptions for household goods, furnishings, clothing, and tools of the trade.
- Wildcard Exemption: An additional amount you can apply to any asset.
Kostopoulos Bankruptcy Law’s attorneys in Riverside and Oakland can help you understand and maximize your California exemptions.