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    --Danielle

California Bankruptcy Exemption Increases- April 2022

In April of 2022 the Bankruptcy Court implemented an increase in allowable bankruptcy exemptions on certain types of property. This is a recap of the more significant changes made to the exemptions amounts. It is not a full list of all of the available exemptions in all categories. The following table breaks down what changed:

 

 

Exemption                                 Prior Exemption Allotted                                2022 Exemption 
(703 Exemptions: Typically used when debtor is not a homeowner or has very little home equity:)

Homestead/Wildcard             $29,275.00                                                          $33,650.00
Motor Vehicle                           $5,580.00                                                            $6,375.00
Jewelry                                      $1,750.00                                                             $1,900.00
Tools of the Trade                   $8,725.00                                                             $9,525.00
Life Insurance                          $15,650.00                                                           $17,075.00
Personal  injury payments     $29,275.00                                                          $31,950.00

Exemption                                 Prior Exemption Allotted                                2022 Exemption 
(704 Exemptions: Homeowners with significant equity:)

Home Equity                            $ Varies by County                                            $Varies by County
Motor Vehicle                           $3,325.00                                                           $3,625.00
Jewelry, heirlooms, artwork  $8,725.00                                                            $9,525.00
Tools of the Trade                   $17,450.00                                                          $19,050.00
Life Insurance                          $13,975.00                                                          $15,250.00
Personal  injury payments    $29,275.00                                                          $31,950.00

If you are considering bankruptcy, contact your Yuba City bankruptcy attorney at (530) 797-4402 for more information on the exemptions that are available to protect your property.

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