Below are some common California Bankruptcy Exemptions for both Chapter 13 bankruptcy and Chapter 7 bankruptcy:

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

Pensions:

  • 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

Public Benefits:

  • Unemployment benefits
  • Worker’s compensation
  • Financial aid to students

Questions?  Give us a call to discuss your bankruptcy exemptions.

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