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HOMESTEAD EXEMPTION

In California, a bankruptcy debtor can choose one of two sets of exemption laws.  

One set of exemption laws contain a base homestead exemption that protects home equity up to $75,000.  However, certain family units have up to $100,000 in equity protection.   Moreover, a $175,000 exemption is available to homeowners who are 65 years of age or older, disabled, or 55 years of age or older with a limited income.

The other set of exemption laws available to Californians in bankruptcy cases is sometimes referred to as the "renter's exemptions" because they are used primarily by renters or homeowners with little or no home equity.  This set of exemptions has a so-called "wild card" exemption that protects any type of property in bankruptcy up to $21,825.  However, this amount might possibly be increased in April 2010.

For a free and confidential consultation, contact Christian bankruptcy lawyer,  Matthew B. Tozer.

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