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CALIFORNIA BANKRUPTCY EXEMPTIONS AVAILABLE
(As of January 1, 2006)
(Not Available for Use in California State Courts)
[Next Adjustment - April 1, 2007)
UNDER C.C.P. § 703.140(b)
(Recommended for Renters)
A. Real or Personal Property Used as a Residence, or a Burial Plot [C.C.P. § 703.140(b)(1)]
1. Limit of $18,675.00.
B. Household Furnishings, Appliances and Clothes [C.C.P. § 703.140(b)(3)]
1. Limit of $475.00 per item. Value at wholesale or liquidation value.
C. Jewelry [C.C.P. § 703.140(b)(4)]
1. Limit of $1,125.00. Value at wholesale or liquidation value.
D. General Catch All Exemption [C.C.P. § 703.140(b)(5)]
1. The debtor's aggregate interest, not to exceed $1,000.00, plus any unused amount of the $18,675.00 exemption provided in C.C.P. §703.140(b)(1) in any property.
E. Books or Tools of the Trade [C.C.P. § 703.140(b)(6)]
1. Limit of $1,875.00. Value at wholesale prices.
F. Unmatured Life Insurance Contracts Owned by the Debtor, Excluding Credit Life [C.C.P. § 703.140(b)(7)]
1. Term insurance is exempt.
G. Loan Value of Insurance [C.C.P. § 703.140(b)(8)]
1. The debtor's aggregate interest, not to exceed in value $9,975.00 in any accrued dividend or interest under, or loan value of, any unmatured life insurance contract owned by the debtor or an individual of whom the debtor is a dependent.
H. Professionally Prescribed Health Aids
I. Motor Vehicles [C.C.P. § 703.140(b)(2)]
1. The debtor's interest, not to exceed $2,975.00 in value, in one motor vehicle. Value at low blue book.
J. The Debtor's Right to Receive Certain Pensions and Benefits [C.C.P. § 703.140(b)(10)]
1. Social security, unemployment compensation, or a local public assistance.
2. A veteran's benefit.
3. A disability, illness or unemployment benefit.
4. Alimony, support, or separate maintenance, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
5. Certain payments from stock bonus, pension, profit sharing, annuity or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. This includes an IRA account.
Note that the new Bankruptcy Law, effective October 17, 2005, has an exemption which includes IRA accounts up to $1,000,000.
K. Awards Under a Crime Victim's Reparation Law
L. Payments Due to Death
1. Payment on account of the wrongful death of an individual of whom the debtor was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
2. Payment under a life insurance contract that insured the life of an individual of whom the debtor was a dependent on the date of such individual's death, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
M. Payments Due to Personal Injury and Compensation For Loss of Income [C.C.P. § 703.140(b)(11)]
1. Payment not to exceed $18,675.00 on account of personal bodily injury, which does not include pain and suffering or compensation for actual pecuniary loss.
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