Expert Advice When You Need It Most

In Ch 7 On Schedule C- Property claimed as Exempt form, my car is my only exemption. I don't own any other property. In this

In Ch 7 On Schedule C- Property claimed as Exempt form, my car is my only exemption. I don't own any other property. In this case would one check:

11 U.S.C. 522 (b) (2)
OR
11 U.S.C 522 (b) (3)

Would the car be considered 2 or 3 in Los Angeles?

Save

Attorney answers (1)

Avvo Pro

Reputation Level 11
On Schedule C you will check box 522(b)(3), this is because California has opted out of the 522(d) Bankruptcy Code exemptions. However, you will still need to provide the applicable code section for the exemption you are seeking.

California state law gives you the option to choose between (1) a set of state law exemptions similar (but not identical) to the Bankruptcy Code exemptions; and (2) California's regular (non-bankruptcy) exemptions. You need to check out which set of exemptions better serves your purposes.

I wish you the best of luck in finding a resolution to this matter.

Disclaimer: The materials provided herein are for informational purposes and neither constitute legal advice nor should they be relied upon as legal advice. Every situation is fact sensitive, and it is impossible to evaluate a legal problem without a comprehensive consultation and a review of all facts and documents at issue. This answer does not create an attorney-client relationship. I am a California Bankruptcy lawyer.
3 people marked this answer as good

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 
Ask now