California Exemptions in Bankruptcy Increased
By Cathy Moran, California bankruptcy lawyer on Apr 12, 2007 in California, General Bankruptcy Information, Protecting Assets In Bankruptcy
California adjusted upwards its state law exemptions that determine what a judgment debtor or bankruptcy filer can keep, free from claims of creditors. This increase comes at the same time as the dollar amounts in the Bankruptcy Code were adjusted for increased cost of living.
California has “opted out” of the use of the federal bankruptcy exemptions and provides its citizens the choice of the state exemptions, including the homestead exemption, or the California bankruptcy exemptions found at California Code of Civil Procedure 703.140.
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