Table Of Bankruptcy Exemptions

BANKRUPTCY EXEMPTIONS IN CALIFORNIA

Table Of Bankruptcy Exemptions

Exemptions in bankruptcy allow you to keep certain assets. You may be eligible to select either federal or state exemptions, depending on the nature and extent of your assets as well as your residency eligibility.

TYPE OF PROPERTY

CALIFORNIA
704 EXEMPTIONS

FEDERAL
703 EXEMPTIONS

Principal residence (including mobile homes, houseboats and all outbuildings on the same property)

$75,000 - Single debtor $704.730(a)(1)
$100,000 - Head of household $704.730(a)(2)
$175,000 - 65 years or disabled or 55 years with low income $704.730(a)(3)

$26,800 in any real property or burial plot $703.140(b)(1)

Material to repair or improve residence

$2,700 – $704.030

Not available

Household goods, appliances, clothes and personal items

Reasonable and necessary $704.020

$525 per item with no maximum $703.140(b)(3).

Motor vehicles

$3,050 in one vehicle – $704.010

$5,350 in one vehicle – 703.140(b)(2)

Tools of the trade, including professional books

$15,975 in both spouses' common trade or $9,700 in one commercial vehicle – $704.060
$8,000 per debtor or $4,850 for one1 vehicle – $704.060

$2,075 – $703.140(b)(6)

Jewelry, heirlooms, works of art

$8,000 – $704.040

$1,600 jewelry only – 703.140(b)(4)

Wild card

Not available.

$1,280 plus any unused amount of burial or homestead exemption – 703.140(b)(5)

Life insurance proceeds (including. endowments and annuities)

Reasonable and necessary $704.100(c)

All – $703.140(b)(11)(C)

Life insurance loan values

$10,775 per spouse – $704.100(b)

$11,075 – $703.140(b)(8)

Prosthetics and other health aids

Reasonable and necessary – 704.050

All – $703.140(b)(9)

Cemetery plot

All for debtor and spouse – 704.200(c)

Not available.

Wages earned

75 percent of earnings received within 30 days before filing – $704.070

Not available.

Vacation credits

All public employees only – $704.113

Not available.

Social Security

All – $704.080

All – $703.140(b)(10)(A)

Bank Accounts for Social Security if
direct deposit is used

$3,200 if single or $4,800 if joint payees – $704.080(b)(2). All SSI income if not commingled.

Not available.

Public aid benefits

All – $704.170

All – $703.140(b)(10)(A)

Bank accounts for public benefits if direct deposit is used

$1,525 if single or $2,275 if joint
payees – $704.080(b)(2). All benefits if not commingled.

Not available.

Public retirement

All – $704.110(b)

All – $703.140(b)(10)(E)

Private retirement

All – $704.115(b)

Reasonable and necessary $703.140(b)(10)(E)

Health/disability insurance.

All – $704.130

All – $703.140(b)(10)(C)

Personal injury payments after judgment or settlement

Reasonable and necessary – $704.140(d)

$26,800, not including pain and suffering $703.140(b)(11)(D)

Personal injury cause of action

All – $704.140(a)

Not available.

Workers' compensation

All – $704.160

Reasonable and necessary -
$703.140(b)(11)(E)

Loss of future earnings

All – $704.140

Reasonable and necessary -
$703.140(b)(11)(E)

Unemployment

All – $704.120

All – $703.140(b)(10)(C)

Relocation

All – $704.180

Not available.

Veteran's benefits

Not available BUT exempt under federal law 38 USC $5,301

All – $703.140(b)(10)(B)

Benefits from wrongful death lawsuit

Reasonable and necessary $704.150(b)

Reasonable and necessary $703.140(b)(11)(B)

Wrongful death cause of action

All – $704.150(a)

Not available.

Child support/alimony

Not available.

Reasonable and necessary $703.140(b)(10)(D)

Welfare or charitable aid

All – $704.170

Not available.

Prisoner trust account

$3,200 – $704.090

Not available.

These bankruptcy exemptions are effective as of April 1, 2016. The exemption amounts are subject to change and we can't guarantee the accuracy of the information stated herein. For a complete listing, please read California Code of Civil Procedure, Sections 703 and 704. This document is intended for informational purposes only and may not reflect the most current legal developments. This document is not intended to be legal advice. You should contact an attorney for advice on specific legal problems pertaining to your situation. You can reach a lawyer at Farhat Law Firm in Corona by calling 800-391-9168.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.