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What is bankruptcy code 703?

Updated: 8/18/2019
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14y ago

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I believe you are referring to local California statute CCCP §703, which refers to California's local exemption rules for bankruptcy.

In short, California allows a debtor to exempt up to $3,300 for a single automobile and, more importantly, up to $20,825 in personal property as long the debtor owns no real estate with equity, or if the debtor intends on giving up any real estate with equity up in the bankruptcy.

The $20,825 "wildcard" exemption may be used to protect money in bank accounts, CDs, rare coin collections, even timeshares. As long as the total value of property to be exempted is less than $20,825, the debtor should be allowed to keep said property through bankruptcy.

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Q: What is bankruptcy code 703?
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