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California Exemptions Have Changed

by on 2/6/2013

The State Flag of California

Every three years the California exemptions schemes are reviewed and updated. The latest update was for 2013, in Assembly Bill 929. Here is a summary of the changes:

703 Exemption Changes [CCCP 703.140(b)]

 

General Category Description

Old Amount

New Amount

(1) Homestead / Residence

$22,075

$24,060

(2) Vehicle(s)

$3,525

$4,800

(3) Household Goods (per item)

$550

$600

(4) Jewelry

$1,425

$1,425

(5) Additional Wildcard

$1,175

$1,280

(6) Tools of the Trade

$2,200

$7,175

(8) Life Insurance Dividend or Interest or Loan Value

$11,800

$12,860

(11)(D) Personal Injury

$22,075

$24,060

Some of the definitions have also changed, for example (2) vehicle(s) can be shared between multiple vehicles up to the limit, whereas before the 2013 change it was only applied to one vehicle. Also (11)(D), personal injury exemption, no longer excludes pain and suffering.

704.730 Exemption Change

This is the Homestead Exemption under the 704 scheme

 

 

Old Amount

New Amount

(1) Individual

$75,000

$75,000

(2) Family

$100,000

$100,000

(3) 65 or older, or physically disabled, or over 55 with gross annual income of less than $25,000 ($35,000 if married)

$175,000

$175,000

The last increase in the amount of the homestead exemption was in 2010. In 2013 the only change to the homestead exemption is who qualifies for the $175,000 exemption.

There were no changes to the other 704 exemption amounts:

 

General Category Description

New Amount

010 Vehicle(s)

$2,725

030 Material to be applied to repair or maintenance of residence

$2,875

040 Jewelry

$7,175

060 Tools of the Trade (per debtor)

$7,175

100 Cash Value in Unmatured Life Insurance Policies

$11,475

Meet with an attorney to make sure you are taking advantage of the exemptions available to you, and get that fresh start you've been waiting for.