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Exemption Statutes are California Bankruptcy Laws that Protect Your Property from Your Creditors.
Exemptions are laws passed by every state that allow you to protect certain types of your property
from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and
other important property. California law provides a number of exemptions that protect your property, and I will be able
to advise you on which exemptions are best for you to use on your bankruptcy petition.
California Homestead
Exemption is $75,000 for family member living with one or more non-owner family members; $150,000 for a person
who is 65 or older, disabled, or who is 55 or older with an annual gross income of $15,000 or less if single or $20,000
or less if married. $50,000 for all other persons.
Wages
75 percent of all "paid earnings" are exempt.
Automobiles
Up to $2,300 of the equity in all automobiles.
Other Property
Household furnishings, appliances, provisions, wearing apparel, and other personal effects are 100% exempt if they
are ordinary and necessary. $2,300 of the aggregate equity in one or more automobiles is exempt. $6,075 each
for jewelry and personal property used in the debtor's trade or business is exempt.
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