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    --Danielle

Ab 1885 – Potential New Homestead Exemption

AB 1885 is a bill that has passed both the assembly and the senate as of August 31st. This bill, if passed, could broaden the spectrum of candidates for bankruptcy filings that may have not been eligible to file otherwise or who faced liquidation of their residence if they had filed. This bill would allow a vast increase in the homestead exemption that could drastically reduce the number of homes liquidated through the bankruptcy process.

Current Law

Existing law provides that a specified portion of the equity in a homestead, as defined, is exempt from execution to satisfy a judgment debt and prescribes that the amount of the homestead exemption is either $75,000, $100,000, or $175,000, depending on certain characteristics of the homestead’s residents. The breakdown of the household characteristics and the equity that can be protected are as follows:

  • Single person under the age of 65 – $75,000.00
  • Married couple or a single person with a dependent living in the residence: $100,000.00
  • Retired, disabled or recipient of social security or over the age of 65 – $175,000.00

This bill would instead make the homestead exemption the greater of $300,000 or the countywide median sale price of a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption (not to exceed $600,000.) These amounts would adjust annually for inflation. To put this in perspective, the current median home value is $592,000 as of September 2nd, 2020.

For more information contact your Fairfield bankruptcy attorney at 707-385-0422.

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