Equity: As long as you have lived in California for the last 40 months, you can exempt up to
- $75,000 if single
- $100,000 for a family or head of household
- $175,000 if you are 65 or older, physically disabled, or mentally disabled
- $175,000 if creditors are seeking to force the sale of your home AND you are either 55 years old or older, single, and earn under $15,000 per year OR you are 55 years old or older, married, and earn under $20,000 per year
Sale proceeds will be exempt for up to 6 months after sale.
Personal Property: You can exempt the following
- Normal household goods, up to $500 each (examples: food, clothing, appliances, and home furnishings)
- Building materials to repair or improve your home up to $2,300
- Jewelry, heirlooms, and art up to $6,075 total
- Motor vehicle or insurance if your vehicle is lost, destroyed or damaged, up to $2,300
- Bank deposits from the social security administration up to $2,435 if you are single, $3,650 for a married couple.
- Burial plots
- Health aids
Wages: You can exempt the following
- 75% of wages paid within 30 days prior to filing bankruptcy
- Public employee vacation credits, 75% minimum if receiving installment payments
- Public retirement benefits
- Private retirement benefits to extent tax-deferred, including IRA and Keogh
- Public, county, peace officers, and fire fighters pensions are all exempt
- Unemployment benefits
- Worker’s compensation
- Financial aid to students
Questions? Give us a call to discuss your bankruptcy exemptions.