Monday, December 31, 2012

California Bankruptcy Exemptions 2013

California bankruptcy exemptions increased on January 1st thanks to California Assembly Bill 929. The following reflects new amounts included in system two :

Homestead:  $24,060

Motor Vehicles: $4,800

Household Items: $600

Wildcard: $1,280

Tools of Trade:  $7,175

Life Insurance: $12,860

Personal Injury: $24,060

I am pleased to see the Tools of the Trade increase is a healthy one. (it was $2,200) There were some changes to system one as well. Be sure and discuss this with your lawyer to determine which system is right for you. If you're still looking for legal representation, check out my tips for finding a bankruptcy attorney.

For those of you who are planning your 2013 bankruptcy later this year:  know that federal and California bankruptcy exemptions will be going up again, but not until April. So, if you're looking for further California bankruptcy exemptions amounts (2013), I will post them here once they become available.

For comparison purposes, here are the last year's California bankruptcy exemptions.

Hope this helps you with your planning, whether your choose these exemptions or go with the federal ones.

Best of luck and a fresh start to all in 2013. Everyone have a safe and happy New Year!


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