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California Bankruptcy Exemptions - System 1

Up dated to January 1, 2010.

Only The State Exemptions are Allowed

Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $75,000.00 if single and not disabled; $100,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration. D

$75,000

Insurance:

  • Disability or health benefits

  • Fraternal unemployment bonds

  • Life insurance proceeds or avails if clause prohibits proceeds from being used to pay beneficiary's creditors

  • Fidelity bonds

  • Homeowners' insurance proceeds for 6 months after received, to homestead exemption amount

  • Matured life insurance benefits needed for support

  • Unmatured life insurance policy loan value to
    $10,775 husband and wife may double to $21,550

 

 

Pensions

  • County employees

  • County firefighters

  • County peace officers

  • Private retirement benefits, including IRA's and KEOGHS

  • Public employees

  • Public Retirement benefits

 

 

Miscellaneous

  • Property of business partnership

  • Business or professional license, except liquor licenses

  • Inmates' trust funds to $1,350 (husband and wife may not double)

 

 

Personal Property

  • Appliances, furnishings, clothing and food needed

  • Bank deposits from Social Security Administration to $2,700 ($4,050 for husband and wife.
    Note on Social Security:
    Bank accounts which receive direct deposits from Social Security are exempt without making a claim if they have $2,700 or less (if one depositor is designated payee) or $4,050 (if two or more depositors are designated payees). Balances over the designated amount are completely exempt as long as traceable to Social Security.

  • Building materials to $2,700 to repair or improve home (husband and wife may not double amount)

  • Burial Plot

  • Health aids

  • Jewelry, heirlooms and art to $6,750 total (may not be doubled)

  • Motor vehicles to $2,550 in auto insurance if vehicle(s) lost, damaged or destroyed (may not be doubled)

  • Personal injury causes of action

  • Personal injury recoveries needed for support; if receiving installments at least 75%

  • Wrongful death causes of action

  • Wrongful death recoveries needed for support; if receiving installments, at least 75%

 

 

Public Benefits

  • Aid to blind, aged, disabled, AFDC (Aid to Families with Dependant Children)

  • Financial Aid to Students

  • Relocation benefits

  • Union benefits due to labor dispute

  • Unemployment benefits

  • Worker's Compensation

 

 

Tools of Trade

  • Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, vessel, motor vehicle to $6,750 total (Motor vehicle limited to $4,850); to $13,475 total (Motor vehicle limited to $9,700) if used by both spouses in same occupation (cannot claim motor vehicle under both tools of trade exemption and motor vehicle exemption.

 

 

Wages

  • Public employees vacation credits; if receiving installments, at least 75%

  • 75% of wages paid within 30 days of filing for bankruptcy

 

 

 

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


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