Please note that the California exemption statutes below are as of August 2017. They do change periodically so please consult with a bankruptcy professional (such as me), or go online to the bankruptcy court website prior to relying on any numbers in case they’ve changed.
When you file bankruptcy, the laws in California allow you to protect or “exempt” certain assets up to certain amounts. Keep in mind that if you’re not able to protect certain assets using applicable laws, there is the possibility that the Trustee may seize the asset from you to auction off for the benefit of creditors. If you have a situation in which you are concerned about whether you can exempt your real or personal property it is advised you consult a bankruptcy attorney to explore your options. I will provide you with a free consultation!
Also, if you are doing this on your own, remember that you cannot double exemption amounts if you’re married. Also, a common mistake people make is that they choose some exemption amounts from the 703 list and others from the 704 list. You can only use one set of statutes or the other – you cannot mix and mingle.
