(562) 430-6002
Bankruptcy Practice Areas
Contact the Law Offices of Gary Leibowitz
4050 Katella Ave.
Suite 201
Los Alamitos, CA 90720
(562) 430-6002
The Law Offices of Gary Leibowitz
Located at 4050 Katella Ave, Suite 201 Los Alamitos, CA 90720. View Map
Phone: (562) 430-6002
Website:

Protecting Property/Exemptions

Most debtors can keep all of their real and personal property. This is because the state has passed laws (exemptions) to prevent creditors from seizing assets deemed to be ordinary and necessary. There are two different sets of exemptions; the homestead exemptions for individuals with equity in their homes and a second set of exemptions for individuals with little or no equity in their homes.

Homestead (§704)

  • $50,000 Homestead exemption for an individual
  • $75,000 Homestead for a married couple
  • $150,000 for individuals 65 and over or the disabled
  • $2,550 for a motor vehicle
  • Retirement accounts
  • Reasonable and necessary personal property

Non Homestead (§703)

  • $21,825 Wildcard exemption (used for any purpose)
  • $3,300 for a motor vehicle
  • Most retirement accounts
  • $525 per household item
California Bankruptcy Lawyer
Contact Leibowitz Law Group

The information on this California Bankruptcy Attorney / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. Administration

Los Alamitos Office:
4050 Katella Ave. Suite 201 Los Alamitos, CA 90720 Phone: (562) 430-6002

Designed by Scorpion Design