Table of Bankruptcy Exemptions

2016 BANKRUPTCY EXEMPTIONS IN CALIFORNIA

Table Of Bankruptcy Exemptions

Exemptions in bankruptcy allow you to keep certain assets.  You may be eligible to select either the federal or the state set of exemptions.  Your eligibility to select one set exemption versus the other will depend 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 & all outbuildings on 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 & Personal Items

Reasonable & Necessary $704.020

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

Motor Vehicles

$3,050 in 1 vehicle – $704.010

$5,350 in 1 vehicle – 703.140(b)(2)

Tools of the Trade, including Professional Books

$15,975 in both spouse’s common trade or $9,700 in one commercial vehicle – $704.060
$8000 per debtor or  $4,850 for 1 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 (Incl. endowments & annuities)

Reasonable & 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)

Prosthetic & other Health Aids

Reasonable & Necessary – 704.050

All – $703.140(b)(9)

Cemetery Plot

All for debtor & Spouse – 704.200(c)

Not Available.

Wages earned

75% 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 & Necessary $703.140(b)(10)(E)

Health/Disability Ins.

All – $704.130

All – $703.140(b)(10)(C)

Personal Injury Payments after Judgment or Settlement

Reasonable & Necessary – $704.140(d)

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

Personal Injury Cause of Action

All – $704.140(a)

Not Available.

Worker’s Compensation

All – $704.160

Reasonable & Necessary -
$703.140(b)(11)(E)

Loss of Future Earnings

All – $704.140

Reasonable & 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 $5301

All – $703.140(b)(10)(B)

Benefits from Wrongful Death Lawsuit

Reasonable & Necessary $704.150(b)

Reasonable & Necessary $703.140(b)(11)(B)

Wrongful Death Cause of Action

All – $704.150(a)

Not Available.

Child Support/Alimony

Not Available.

Reasonable& 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 many 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.