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California Bankruptcy Exemptions

Bankruptcy Exemptions are a method of protecting one’s property from seizure and sale during the course e of a bankruptcy. bankruptcy attorney in Sacramento will have a thorough understanding of bankruptcy exemptions in California and will be able to intelligently explain to you how they relate to your situation.

The bankruptcy laws in California allow for two sets of exemptions under California Code of Civil Procedure sections 703 and 704. If you’re filing bankruptcy in California, you’ll have to choose which set of exemptions you’ll use and again an attorney can help you decide which are best for your personal bankruptcy case. Both the 703 and 704 series of exemptions offer a homestead exemption which protects your home you live in, however, the 704 offers a much larger one for those who have minimal equity. Alternatively, the 703 allows the use of a “wildcard exemption” if no homestead exemption is utilized. There are many other differences in the two types of exemptions as compared to the bankruptcy code. The graph below outlines some of the major ones.

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Chart courtesy of: https://www.apeopleschoice.com/california-bankruptcy/bankruptcy-exemptions/ 

When considering bankruptcy laws in California, it’s important to remember that the law is interpreted and applied by the local trustees and judges. Over time, one can better understand what exemptions are allowed and which are usually challenged within the local bankruptcy practice. Local customs can vary from one district to the next, and may even depend on the trustee. As such an experienced, local bankruptcy professional will have a good understanding of what you can claim and what you can’t with your local judge and trustee.

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