Let’s first consider why we have exemptions in the first place. For the uninitiated, the term homestead exemption may not mean much, but it exists both inside and outside of the bankruptcy field. Outside of bankruptcy, the idea behind exemptions is that if somebody successfully sues you, you shouldn’t end up living under a bridge with just the clothes on your back. Exemptions are meant to protect some of your possessions so that you get to keep them after a judgment has been entered against you. While the creditor can collect against many of your belongings, it cannot take everything and strip you bare.
- What Property Exemptions Are Allowed Under the Bankruptcy Code in California?
- Is Your Home Exempt In Bankruptcy in California?
- Does The Homestead Protect Me From Creditors In California?
- How Does Homestead Exemption Work In California?
- Will Someone Be Checking On My Exemptions?
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