0
What is the California bankruptcy exemption for tools of trade?
Infoneed
Single exemption $6,075, if both spouses are employed in the same occupation then the amount can be doubled to $12,150. http://www.bankruptcyaction.com/caexemptions.htm
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
Can you protect your trade tools if you file bankruptcy?
They are protected.
What can you keep in California bankruptcy?
In Chapter 13 bankruptcy, you need not lose anything as long as you follow the payment plan. In Chapter 7 or liquidation, there are certain assets that can be kept. It is dependent on the bankruptcy amount exemptions. In California, there are 2 sets of exemptions. Set 1 provides exemption for homestead, personal property, insurance, pensions, public benefits, tools of trade and wages . System 2, almost the same as System 1 but it has the wild card system. If the individual does not own property, he/she can use the value of the homestead for any property chosen. For an official opinion, it is advised you seek legal counsel.
If you're filing bankruptcy and you want to keep your car for which you have a loan would you have to pay the trade-in value or retail value of the car?
A vehicle is secured property therefore the debtor has only two choices when declaring bankruptcy. If the vehicle exemption protects it, then the debtor may reaffirm the loan if the lender is willing and keep the vehicle. If the exemption does not protect the vehicle, it will be taken by the trustee sold, the debtor will receive the exemption amount but will have to pay the lender the sale deficit plus any existing fees. When new bankruptcy laws are activated in Oct, 2005, the debtor will have to pay the entire loan amount regardless of whether the vehicle is kept or forfeited.
Can you trade your car before your bankruptcy is final?
I think you can :-)
What does tools of the trade mean?
tools of the trade simply means the tools a tradesman would typically use to carry out his trade, for example the trade of carpenter would typically use, a saw, a chisel and a square to carry out his trade.
Do hatters Trade Tools?
hatters do have tools they have pools and hammers
What are tools of the trade?
Noblemen were not tradesmen.
Who makes Tools of the trade?
Macy's
What are musicians tools of trade?
Instruments. Pro Tools is a popular recording software.
What did the Egyptians trade for?
iron weapons and tools
What noblemen tools of the trade was?
they have hair xx
What are the noblemen tools of trade?
Noblemen were not tradesmen.
