California State Bankruptcy Exemptions Set # 1

Written by Adam Peck Category: Nursing Homes January 23rd, 2013 3 min read

Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $75,000.00 if single and not disabled; $100,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration. D $75,000
Insurance:
Disability or health benefits
Fraternal unemployment bonds
Life insurance proceeds or avails if clause prohibits proceeds from being used to pay beneficiary’s creditors
Fidelity bonds
Homeowners’ insurance proceeds for 6 months after received, to homestead exemption amount
Matured life insurance benefits needed for support
Unmatured life insurance policy loan value to
$10,775 husband and wife may double to $21,550

Pensions

County employees
County firefighters
County peace officers
Private retirement benefits, including IRA’s and KEOGHS
Public employees
Public Retirement benefits

Miscellaneous

Property of business partnership
Business or professional license, except liquor licenses
Inmates’ trust funds to $1,350 (husband and wife may not double)

Personal Property

Appliances, furnishings, clothing and food needed
Bank deposits from Social Security Administration to $2,700 ($4,050 for husband and wife.
Note on Social Security:
Bank accounts which receive direct deposits from Social Security are exempt without making a claim if they have $2,700 or less (if one depositor is designated payee) or $4,050 (if two or more depositors are designated payees). Balances over the designated amount are completely exempt as long as traceable to Social Security.
Building materials to $2,700 to repair or improve home (husband and wife may not double amount)
Burial Plot
Health aids
Jewelry, heirlooms and art to $6,750 total (may not be doubled)
Motor vehicles to $2,550 in auto insurance if vehicle(s) lost, damaged or destroyed (may not be doubled)
Personal injury causes of action
Personal injury recoveries needed for support; if receiving installments at least 75%
Wrongful death causes of action
Wrongful death recoveries needed for support; if receiving installments, at least 75%

Public Benefits

Aid to blind, aged, disabled, AFDC (Aid to Families with Dependant Children)
Financial Aid to Students
Relocation benefits
Union benefits due to labor dispute
Unemployment benefits
Worker’s Compensation

Tools of Trade

Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, vessel, motor vehicle to $6,750 total (Motor vehicle limited to $4,850); to $13,475 total (Motor vehicle limited to $9,700) if used by both spouses in same occupation (cannot claim motor vehicle under both tools of trade exemption and motor vehicle exemption.

Wages

Public employees vacation credits; if receiving installments, at least 75%
75% of wages paid within 30 days of filing for bankruptcy

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.