Form B6C in Chapter 7 Bankruptcy what is the maximum amount allowed for the exemption for your car Under 11 USC 52

In the Los Angeles, what is the maximum allowed amount for the exemption for your car Under 11 USC 522(b)(3
This is for Form B6C in Chapter 7 Bankruptcy.

Column1: Make and Model and year?

Column 2: USC 522(b)(3)

Column 3: ?????????

Column 4: Amount car is worth: $3000

What do I put in column 3??? What is Los Angeles maximum amaount allowed for exemption???
Answer this question Add to list

Answers (1)

Ralph Oliver Thompson

Ralph Oliver Thompson

Contributor Level 3
There are two sets of exemptions, federal and state. California has "opted out" of the Federal exemptions which means the proper code section to look at is not in the U.S. Code by rather the Calif. Code of Civ. Procedure--Section 703.140(b)(2). The amount allowed for exemptions increase with time and the current CA exemption for motor vehicles is $3,300. California also has a "wildcard" exemption under CCP 703.140(b)(5) of $21,825 which can be used to exempt any assets you want, including your car. So suppose your car is worth $10,000. Apply the $3,300 car exemption and use the wildcard exemption to exempt the remaining $6,700.
1 0
Back to Search Results

Ask a Question

Get free answers from real lawyers.