bankruptcy exemptions
Bankruptcy California Exemptions
California is the most populated state in the United States with an estimated population of over 36 million people. California alone comprises of almost 12 percent of the entire United States population. The bankruptcy law in California does not vary from bankruptcy law in other states because bankruptcy falls under US federal law. What does vary however, are the bankruptcy California exemptions as do the bankruptcy exemptions in all other States.
If you are seeking to file for bankruptcy in California, you should be aware that there are 2 options for bankruptcy California exemptions. It should be noted that the 2 bankruptcy California exemptions options cannot be combined or can you take one allowable exemption from one and another from the other.
If you are filing bankruptcy in California under one option you are allowed a homestead of up to $20,725. You may keep an automobile with a value of up to $3,300, jewelry up to $1,350 and any tools of your trade up to $1,350. Personal property consisting of furniture, clothing, appliances, household goods, books, crops and pets can be retained up to $525 per item.
To file for bankruptcy using the other option of Bankruptcy California exemptions, you would be entitled to a homestead of up to $50,000 if single, $75,000 if you are a family member with no other member claiming and $150,000 if 65 or over or disabled. Also $150,000 if you are single plus 55 or older and you earn less than $15,000 per year. The $150,000 also applies if you are married and 55 or older and earn less than $20,000 per year. Filing for bankruptcy using this option would allow you to retain furniture, clothing, appliances and health aids. Additionally up to $2,700 is exempt for home buildings and up to $6,750 is exempt for jewelry. If you file for bankruptcy, under this option, the exemption for your automobile is up to $2,550.
Filing for bankruptcy in California with all these options and exemptions in general can sound extremely confusing. If you are thinking of how to file bankruptcy to take advantage of the best option, you should consult a Bankruptcy Attorney that practices in California. Only a Bankruptcy California Attorney can clearly and simply answer each and all of your bankruptcy questions and explain the best option for your particular situation of filing bankruptcy.
About the Author
Jay King is a owner of BankruptcyIntro.com. We’ve all heard of large companies filing for bankruptcy or “going bankrupt” and most of us would think that particular company must be in trouble.
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