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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All documents typed are prepared by Rica Gilmore.