California State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. California law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
Exemption is $75,000 for family member living with one or more non-owner
family members; $150,000 for a person who is 65 or older, disabled, or
who is 55 or older with an annual gross income of $15,000 or less if single or
$20,000 or less if married. $50,000 for all other persons.
Wages
75 percent of all "paid earnings" are exempt.
Automobiles
Up to $2,300 of the equity in all automobiles.
Other Property
Household furnishings, appliances, provisions, wearing apparel, and other
personal effects are 100 percent exempt if they are ordinary and
necessary. $2,300 of the aggregate equity in one or more automobiles is
exempt. $6,075 each for jewelry and personal property used in the
debtor's trade or business is exempt.
Note: Exemptions may have changed since our last update. For the latest updates on these property exemptions, speak to a local bankruptcy lawyer.
» Read the complete California
bankruptcy exemptions here
» Back to Bankruptcy Laws In Your State