Bankruptcy Exemptions, What Are They? If you are thinking about filing for bankruptcy, you are probably wondering what you can do to safeguard your assets. A good number of bankruptcy cases are filed in an attempt to save a valuable asset, like the family home. When you no longer have to make payments on high […]
HELP! If you live in CALIFORNIA, I NEED YOUR HELP to SAVE California homeowners from having their homes sold by the BIG BANKS & creditors. On Thursday JUNE 9, the California State Assembly will vote on Senate Bill 308. This legislation will help keep Senior Citizens, Disabled, Struggling Families, and hardworking individuals from having their […]
Breaking News Bankruptcy Exemptions Have Changed in California As of April 1, 2016, as per the law, the Bankruptcy Exemptions are raised based on the 3 year cost-of-living change. Bankruptcy Exemptions are what the law lets you keep in a Bankruptcy for a “Fresh Start.” In California there are 2 sets of exemptions. One […]
Improving California’s Homestead Exemptions, Politics & the Power of Money For those of you who don’t know about it, consumer bankruptcy attorneys, most notably the “National Association of Consumer Bankruptcy Attorneys” have been fighting to pass Senate Bill 308. This was legislation to increase the homestead exemptions and the vehicle exemptions and make several […]
The Two California Bankruptcy Exemption Systems
Today we are going to talk about bankruptcy exemptions. Exemptions are a fancy word for a list of things you are able to keep inside and sometimes outside of bankruptcy that creditors cannot reach.
In California we have two systems,. One set of exemptions is what we call the “standard system.” The other exemption system is referred to as the “wild card” system.
The difference is that the wild card system can only be used in bankruptcy where the standard system can be used both inside and outside of bankruptcy.
How The Bankruptcy Exemption Systems Works
The chief benefit of the standard exemptions are that, if you have significant equity in a home, the standard exemption system is what you are going to have to use to protect that home. That equity protection is $75,000 for an individual, $100,000 for a husband and wife, and $175,000 for senior citizens, disabled people and low income individuals 55 or older.
Standard California Bankruptcy Exemptions & Wild Card California Bankruptcy Exemptions. A Side by Side California Bankruptcy Exemption Comparison Chart (This Chart Includes the New California Bankruptcy Exemptions Amounts as of April 1, 2016) TYPE OF PROPERTY STANDARD CALIFORNIA BANKRUPTCY EXEMPTIONS WILDCARD CALIFORNIA BANKRUPTCY EXEMPTIONS California Homestead Exemption for Debtor’s Principal Residence (including mobile homes, houseboats & […]