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The Purpose of 704 Exemptions California 704 bankruptcy exemptions protect your property from creditor collection actions. Think of chapter 7 bankruptcy like this: in chapter 7 bankruptcy, you are putting all of your property and assets up for auction.
(Official Form 106C) lists the property that you believe you are entitled to keep. If you do not claim the property on this form, it will not be exempted, despite your rights under the law. Before filling out this form, you have to decide whether you will use your state exemptions or the federal exemptions.