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California Bankruptcy

Key Points:

Exemption Court
California Bankruptcy Exemption
Homestead:
  1. $ 75,000 for family unit associate residing with 1 or more person who is not owner but member of family or$ 1,50,000 for the
    1. Disabled or
    2. Person who is 65 years or older or
    3. Person who is over 55 years with annual gross income of $ 15,000 or less if single or $ 20,000 or less if married.
  2. $ 50,000 for all other person filing bankruptcy except the above mentioned cases.

Motor Vehicle:
Equity in motor vehicles with insurance or execution sale proceeds for immediate 90 days and up to the extent of $ 2,300.

Professional Tools and Books:
Books and implements of total worth $ 6,075 each for debtor & spouse if both are engaged in trade.

Jewelry, Heirlooms and Artistic Work:
Exemption up to the extent of $ 6,075

Construction Materials of Building:
Exemption up to the extent of $ 2,425.

Prisoner's Fund:
The funds of a judgment debtor confined in a prison held a trust in an inmate's trust account or an analogous account up to the extent of $ 1,225.

Hard Cash:
Funds of deposit account or hard cash up to the extent of 75 %.

Unmatured Insurance:
Total loan amount of unmatured life insurance policies up to the extent of $ 9,700 for each debtor and his/her spouse.

Total or Absolute Exemptions for:
  • Partnership property interest.
  • Proceeds of matured life insurance.
  • Personal household belongings and apparels.
  • Health and disability insurance benefits.
  • Prosthetic and orthopedic tools and other help aids.
  • Public benefits.
  • Public retirement benefits.
  • Injury and wrongful death claims.
  • Fraternal and welfare society benefits.
  • Unemployment insurance contributions and benefits.
  • Relocation payments.
  • Institutional aids for higher learning students.
  • Graveyard expanses including spouse.
  • Workmen's compensation benefits.

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