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California Bankruptcy Exemptions System 1 (704)Homestead 704.730 - Real or personal property occupied at time of filing for bankruptcy, including mobile home, boat, stock cooperative, community apartment, planned development or condominium, up to the following limits: $50,000 if single and not disabled; $75,000 if family and no other member has homestead; $150,000 if 65 or older or if physically or mentally disabled; $150,000 if creditors are seeking to force sale of your home and you are either (a) 55 or older, single and earn under $15,000 per year, or (b) 55 or older, married and earn under $20,000 per year. Sale proceeds are exempt for up to 6 months after sale. 704.920 - Homestead declaration may be filed to protect the proceeds of a voluntary sale up to 6 months or to protect the exemption amount from a judicial lien. Personal Property 704.010 - Motor vehicle or insurance if vehicle lost, destroyed or damaged up to $2,550. 704.020 - Food, clothing, appliances and furnishings. 704.030 - Building materials to repair or improve home up to $2,700. 704.040 - Jewelry, heirlooms and art up to $6,750 total. 704.050 - Health aids. 704.080 - Bank deposits from Social Security Administration up to $2,700 for single payee ($4,050 for husband and wife payees); Bank deposits from other public benefits up to $1,350 ($2,025 for husband and wife). 704.140 & 704.150 - Personal injury causes of action and wrongful death causes of action. Wrongful death and personal injury recoveries that are needed for support. 704.200 - Burial plot. Fin. 17410 - Funds held in escrow. Wages 704.070 - 75% of wages paid within 30 days prior to filing bankruptcy. 704.113 - Public employee vacation credits (75% minimum if receiving installment payments). Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person. 704.110 - Public retirement benefits. 704.115 - Private retirements benefits, including IRA and Keogh. Government 21255 - Public employees. Government 31452 - County employees. Government 31913 - County peace officers. Government 32210 - County fire fighters. Public Benefits 704.120 - Unemployment benefits and union benefits due to labor dispute. 704.160 - Workers' compensation. 704.170 - Aid to blind, aged and disabled or other public assistance. 704.180 - Relocation benefits. 704.190 - Financial aid to students. Tools of Trade 704.060 - Tools, implements, materials, books, uniforms, instruments, equipment, and furnishings up to $6,750, or up to $13,475 if used by both spouses in the same occupation. Commercial vehicle up to $4,850, or $9,700 if used by both spouses in the same occupation. Insurance 704.100 - Matured life insurance benefits needed for support of unlimited value, or unmatured life insurance policy up to $10,775 in value. 704.120 - Fraternal unemployment benefits. 704.130 - Disability or health benefits. 704.170 - Fraternal benefit society benefits. 704.720 - Homeowners' insurance proceeds for 6 months after received, up to amount of homestead. Labor 404 - Fidelity bonds. Ins. 10132, Ins. 10170, Ins. 10171 - Life insurance proceeds if policy prohibits use to pay creditors. Misc. 695.060 - Business or professional licenses. 704.090 - Trust funds of inmates up to $1,350. Corp. 16501 - Business partnership property. Other - Add any applicable Federal Nonbankruptcy Exemptions
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This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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