What is “exempt property” (exemptions)?
When filing a Chapter 7 bankruptcy there is certain property that is exempt form the bankruptcy court. This is property that you can keep as long as its value does not exceed a certain monetary figure. Initially, every debtor must choose between two different exemption statutes, what attorney’s in California often refer to as the 703’s or 704’s. WARNING: *The following is not a complete list of all exemptions and are subject to change. They are not to be used as a means of determining whether or not you will or will not be able to protect certain property. They are used only as examples for a better understanding as to what an “exemption” is.
