California bankruptcy exemptions

These are the bankruptcy exemption in California.Make sure you check the federal bankruptcy exemption since you can choose one or another.

Asset: Homestead

- Real or personal property you occupy including mobile home, boat, stock cooperative, community apartment, planned development or condo to $50,000 if single and not disabled; $75,000 for families if no other member has a homestead (if only one spouse files, may exempt one-half of amount if home held as community property and all of amount if home held as tenants in common), $125,000 if 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double).The law section
are 704.710,704.720,704.730

Asset: personal property

- Appliances, furnishings, clothing and food needed. The law section is 704.020
- Bank deposits from Social Security Administration to $2000 ($3000 for husband and wife) . The law section is 704.080
- Building materials to $2000 to repair or improve home (husband and wife may not double) . The law section is 704.030
- Burial plot. The law section is 704.200
- Health aids. The law section is 704.050
- Jewelry, heirlooms and art to $5000 total (husband and wife may not double) . The law section is 704.040
- Motor vehicles to $1900, or $1900 in auto insurance if vehicle(s), lost, damaged or destroyed (husband and wife may not double) . The law section is 704.010
- Personal injury and wrongful death causes of action. The law section is 704.140 (a),704.150 (a)
- Personal injury and wrongful death recoveries needed for support; if receiving installments, at least 75%. The law section is 704.140(b), (c), (d),704.150 (b), (c)
- May file homestead declaration. The law section is 704.920

Asset: Insurance

- Disability or health benefit. The law section is 704.130
- Fidelity bonds. The law section is Labor 404
- Fraternal unemployment benefits. The law section is 704.120
- Homeowner’s insurance proceeds for 6 months after received, to homestead exemption amount. The law section is 704.720 (b)
- Life Insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors. The law section is Ins. 10132, Ins. 10170,Ins. 10171
- Matured life insurance benefits needed for support. The law section is 704.100 (c).
- Unmatured life insurance policy loan value to $8,000 (husband and wife may double. The law section is 704.100 (b).

Asset: MISC

- Business or professional licenses. The law section is 695.060
Inmates’ trust fund to $1000 (husband and wife may not double). The law section is 704.090
- Property of business partnership. The law section is Corp. 15025

Asset: Pensions

- County employees.The law section is Gov’t 31452
- County firefighters. The law section is Gov’t 32210
- County peace officer. The law section is Gov’t 31913
- Private retirement benefits, including IRAs and Keoghs. The law section is 704.115
- Public employees. The law section is Gov’t 21201
- Public retirement benefits. The law section is 704.110

Assets: public benefits.

- Aid to blind, aged, disabled, AFDCThe law section is 704.170
- Financial aid to students. The law section is 704.190
- Relocation benefits. The law section is 704.180
- Unemployment benefits. The law section is 704.120
-Union benefits due to labor dispute. The law section is 704.120(b)(5)
-Workers’ compensation. The law section is 704.160

Assets: tools of trade

- Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, vessel, motor vehicle to $5,000 total; to $10,000 total if used by both spouses in same occupation (cannot claim motor vehicle under tools of trade exemption if claimed under motor vehicle exemption). The law section is 704.060.

Assets: wages

Minimum 75% of wages. The law section is 704.070.
Public employees vacation credits; if receiving installments, at least 75%. The law section is 704.113.