Chapter 7 California 704 auto exemption. Can wife and I share the exemption? How does it work? If joint filing & have2 cars

Asked about 1 year ago - Riverside, CA

So for example if we file a joint bankruptcy and each of us have a $2000 car can we exempt them both? Or what if we each had a $5000 car can we each take the exemption? please explain how it works

Attorney answers (4)

  1. Brian Crozier Whitaker

    Contributor Level 17

    4

    Lawyers agree

    Answered . You can share the exemption but you can't double it.

  2. Carl H Starrett II

    Contributor Level 16

    3

    Lawyers agree

    Answered . I agree with Mr. Whitaker, but I would add that it sounds like your are trying to do this on your own and that is a really bad idea. For most of my clients, the 703 exemptions are the better option and an experienced attorney can help guide you through this to minimize the risk of loss.

    A woman called my office just yesterday that had made several mistakes in her bankruptcy. Those mistakes are causing her to lose a property with $100,000 of equity that she could have saved with the proper planning.

    First, the firm is a debt relief agency according to the U.S. Bankruptcy Code. We help people file for bankruptcy.... more
  3. Filemon Kevin Samson

    Contributor Level 10

    2

    Lawyers agree

    Answered . The exemption applies to property that would otherwise go to the bankruptcy estate but for the fact that it is exempted. You and your wife can apply the exemption to your community and separate property listed in your bankruptcy petition and schedules.
    Depending on your financial circumstances, there may be other exemptions or options available to you under the Bankruptcy Code to protect all of your property while receiving a discharge of your personal liability for debts. A thorough analysis of your income, property, assets, liabilities, debts and financial circumstances should be done to ensure you are categorizing your property and debts correctly and applying the correct exemptions appropriately.

    (951) 779-2969
    www.SamsonLawFirm.com

    Note: The statements or comments provided herein are for general information purposes only and do not constitute... more
  4. Stuart Gregory Steingraber

    Contributor Level 18

    Answered . Yes, but you cannot exceed the total maximum. You can use the "wildcard" if you still have excess equity in any particular asset.

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