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California Bankruptcy Exemptions

There are two bankruptcy exemptions systems in California. Only one of them must be chosen.

	System 1	System 2
Homestead	$50,000 if single and not disabled; $75,000 for families if no other member has a homestead 100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 $125,000 if 65 or older, or physically or mentally disabled	Real or personal property used as residence to $17,425; unused portion of homestead may be applied to any property
Personal Property	Appliances, furnishings, clothing and food; Social Security deposits to $2000 (to $3000 for husband and wife) Building materials to $2000 to repair or improve home Burial plot Health aids Jewelry, heirlooms and art to $5000 total Motor vehicles to $1900, or $1900 in auto insurance if vehicle(s) lost, damaged or destroyed Personal injury and wrongful death causes of action Personal injury and wrongful death recoveries needed for support	Animals, crops, appliances, furnishings, household goods, books, musical instruments and clothing to $450 per item Burial plot to $17,425, in place of homestead Health aids Jewelry to $1,150 Motor vehicle to $2,775 Personal injury recoveries to $17,425 Wrongful death recoveries needed for support
Insurance	Disability or health benefits Fidelity bonds Fraternal unemployment benefits Homeowner's insurance proceeds for 6 months after received, to homestead exemption amount Life Insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors Matured life insurance benefits needed for support Unmatured life insurance policy loan value to $8,000 (doubled for husband and wife)	Disability benefits Life insurance proceeds needed for support of family Unmatured life insurance contract accrued avails to $9,300 Unmatured life insurance policy other than credit
Misc.	Business or professional licenses Inmates' trust fund to $1000 Property of business partnership	Alimony, child support needed for support
Pensions	County employees County firefighters County peace officers Private retirement benefits, including IRAs and Keoghs Public employees Public retirement benefits	ERISA-qualified benefits needed for support
Public Benefits	Aid to blind, aged, disabled, AFDC Financial aid to students Relocation benefits Unemployment benefits Union benefits due to labor dispute Workers' compensation	Crime victim's compensation Public Assistance Social Security Unemployment compensation Veterans' benefits
Tools of Trade	Up to $5,000 total (doubled if used by both spouses in same occupation)	Up to $1,750 total
Wages	Minimum 75% of wages Public employees vacation credits; if receiving installments, at least 75%	None
Wild Card	None	$925 of any property Plus unused portion of homestead or burial exemption, of any property

It is quite clear that these two systems differ considerably, making it a tough choice. This dilemma can be best addressed by letting California bankruptcy attorney help you with California bankruptcy exemptions.

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