I am clear on the exemptions available to someone who files bankruptcy in California (you choose between one of two sets, and the exemptions are generous).
However, if one is sued BEFORE filing, and for whatever reason cannot or chooses not to file for bankruptcy in reaction to the lawsuit, does one still have the same exemptions available to protect assets?
In other words, are the bankruptcy exemptions the same as general collection exemptions in the State of California...
However, if one is sued BEFORE filing, and for whatever reason cannot or chooses not to file for bankruptcy in reaction to the lawsuit, does one still have the same exemptions available to protect assets?
In other words, are the bankruptcy exemptions the same as general collection exemptions in the State of California...