SB 616 amends, repeals, and adds CCCP §§ 703.520 and 703.550, adjusting the procedures for claiming exemptions after levy. Vehicle-Allows you to protect up to $3325 in the value of any number of vehicles. (3) The proceeds of insurance or other indemnification for the loss, damage, or destruction of a motor vehicle. How to Use California's Wildcard Exemption in Bankruptcy To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property. California Bankruptcy Exemptions | Nolo California bankruptcy exemptions protect certain property and assets from liquidation during the debt repayment process. CCP § 704.120 Exempt, except as to child, spousal, or family support orders, for which it is 75% exempt. exemptions should be applied (§ 704.220(b)) and to give examples of such other exemptions; and o Advise both judgment debtor and judgment creditor that if they want to designate to which of multiple accounts the automatic exemption should apply, the party should file an ex parte application with the court, as provided in section 704.220(e). 14,350.00 & 9700 for vehicle exemption. 4 Health aids - 704.050. 704.020. California Homestead Exemption Increases in 2021 - Legal ... Chapter 7 in California. Using 704 exemptions. What can I ... California Code of Civil Procedure Section 704.080 ... You'll find California's System 1 homestead exemption in the California Code of Civil Procedure § § 704.710, 704.720, and 704.730, and California's System 2 homestead exemption in the California Code of Civil Procedure § 703.140(b)(1). California Bankruptcy Basics: When To Use 703 Versus 704 ... Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted. Proc. However, as a debtor, you are only allowed to pick one set. Ms. Papke has $1,622.88 in the Chase account (Memorandum of Garnishee, ¶1) and therefore Chase is ordered to release $405.72 to the levying officer in partial satisfaction of the judgment. Cal. Civ. Proc. Code § 704.730 :: Homestead Exemptions ... 1364, Sec. Chapter 7 Bankruptcy in California: Exemptions and Court ... PDF Judicial Council of California California is unlike many other states in that it has 2 bankruptcy exemption schemes. 2019, Ch. Law section - California Generally, these exemptions are the same for both individuals and married couples. While some states allow debtors to choose between state or federal exemptions, California law only allows residents to choose between two sets of state exemptions: Code Section 703 or Code Section 704. Under System 1, your motor vehicle exemption is $2,900 - 704.010. (a) Household furnishings, appliances, provisions, wearing apparel, and other personal effects are exempt in the following cases: CALIFORNIA BANKRUPTCY EXEMPTIONS UNDER CCP §703.140 California - System 2 (effective 4/1/2016) Homestead. DISABILITY CODE: 4.130. Civ. Additional 704 Exemptions. Section 704.060 of the California Code of Civil Procedure exempts tools of the trade in bankruptcy. Personal Property Household items and personal effects - 704.020. Other California Exemptions Section 704 Public Benefits. CCP 704.010: California 704 Motor Vehicle Exemption. These exemptions, commonly referred to as the "703" or "704" California bankruptcy exemptions are different and while both have their pros and cons, this article will focus on the advantage of the California Bankruptcy 704 exemptions and who might gain more from utilizing them. If you've lived in California for two years or more, you'll need to decide between the exemptions outlined in sections 703 and section 704 of the California Code of Civil Procedure. (2) "Social security benefits" means payments . California Code of Civil Procedure Section 704.120. Under California law, the 704 bankruptcy exemption differs from 703 in that it helps protect any significant home equity a debtor has. California accounts for roughly 12% of all U.S. students, but only 1% of COVID-19 related school closures. It states: CCP § 704.730 is amended to read: 704.730. Cal. (2) The proceeds of an execution sale of a motor vehicle. (a) Before payment, benefits from a disability or health (a) For the purposes of this section: (1) "Deposit account" means a deposit account in which payments of. Mark J. Markus, Attorney at Law California's 704 bankruptcy exemption outlines what assets you are entitled to keep when using this exemption. Section 704 details specific types of items that are protected, but it does not contain the wildcard exemption. When you file for Chapter 7 bankruptcy, you can select either Section 703 or 704 bankruptcy exemptions to protect certain property. Unemployment Benefits and Contributions . 1982, Ch. Cal. As you read through California's exemption laws, keep in mind that claiming property as exempt really means claiming equity as exempt. (2) Three hundred . These exemptions now . (a) The amount of the homestead exemption is one of the following: (1) Seventy-five thousand dollars ($75,000) unless the judgment debtor or spouse of the judgment debtor who resides in the homestead is a person described in paragraph (2) or (3). 7,175.00 (trade vehicle exemption limited to 4,850.00) 704.060. public benefits or social security benefits are directly deposited. It allows a large homestead exemption and is therefore usually preferred by people who own their homes. 704.730. Exemptions [703.010 - 704.995] ( Chapter 4 added by Stats. Section 704 Exemptions. In addition to the 704 exemptions that are an alternative to that are oriented to the preservation of real property, (CCP§§704.010- has two additional sets of exemptions also include two additional list of exemptions, for real estate equity, and for exemption without. WAGES: Wages paid to debtor within 30 days of filing. (a) Any combination of the following is exempt in the amount of three thousand three hundred twenty-five dollars ($3,325): (1) The aggregate equity in motor vehicles. w/ trade veh. That's especially true since the coronavirus outbreak prompted lawmakers to expand the 704 exemptions. Nationally during the Delta surge in July and August 2021, jurisdictions without mask requirements in schools experienced larger increases in pediatric case rates, and school outbreaks were 3.5 times more likely in areas without school . However, 704 makes difficult to protect other assets, particularly vehicles and tax refunds. One set is known as the "704 Exemptions." This set is typically a better fit if you have substantial home equity. If spouse has a trade, apply separate trade exemption or double it if same trade. Under the old exemption law, homeowners could protect $75k for a single person, $100k for a family of at least two, and $175k for those who are elderly or disabled. (a) Any combination of the following is exempt in the amount of two thousand three hundred dollars ($2,300): (1) The aggregate equity in motor vehicles. i.e. Homestead Exemption . The motor vehicle exemption is designed to protect a certain amount of equity in your car, truck, motorcycle, or other vehicle. CCP 704.225 Money in a judgment debtor's deposit account that is not otherwise exempt under this chapter is exempt to the extent necessary for the support of the judgment debtor and the spouse and dependents of the judgment debtor. The second of the new exemptions , CCP 704.225, appears on its face far broader. 2 Residential building materials to repair or improve home up to $3,500 - 704.030. CA Civ Pro Code § 704.120 (2017) (a) Contributions by workers payable to the Unemployment Compensation Disability Fund and by employers payable to the Unemployment Fund are exempt without making a claim. 9. The maximum homestead exemption will fluctuate with the median price of homes. What are the California 704 motor vehicle exemptions? exemption in the real property identified as 10343 Lime Kiln Road, Grass Valley, California (the "Property") pursuant to California Code of Civil Procedure § 704.730(a)(2).2 Dckt. System 2 is very like the federal exemptions in that it allows a debtor to use the homestead exemptions for other . If you have lived in the same home for more than ten years, California's Section 704 exemptions might be for you. 704. California System 1 is similar to other state exemptions. These are the exemptions applicable in state law collections as well as bankruptcy. Motor Vehicle 704 Exemption in California Bankruptcy. Exemptions available when filing bankruptcy in California are listed below: Homestead (equity in dwelling used as residence) - Up to $75,000 in value for an individual (double if married) - Up to $100,000 in value for families (only if others living have no interest in homestead) - Up to $175,000 if single, 55 . (b) Before payment, amounts held for payment of the following benefits are exempt without . And workers' compensation is exempt under Section 704.160. The 401k is exempt under 11 USC 522(b)(3)(C) (and yes I realize that's not part of the 704 series, but it is a federal exemption which--for qualified retirement accounts--supercedes state exemptions. (2) Three hundred thousand dollars ($300,000). California Code of Civil Procedure Section 740.150 deputized the California Judicial Council to update the exemption amounts every three years. California Bankruptcy Exemptions 704. Bankruptcy exemptions under 703, or wild card exemptions, may work better for consumers who don't own real estate. See, 703 Exemptions See, 704 Exemptions What is Chapter 11 Bankruptcy in California? California 704 Motor Vehicle Exemption The motor vehicle exemption protects equity in your car, truck, motorcycle, or another vehicle. Money in a judgment debtor's deposit account that is not otherwise exempt under this chapter is exempt to the extent necessary for the support of the judgment debtor and the spouse and dependents Two Types of California Exemptions. A California Community College police department, as described in Penal Code section 830.32 Individuals who have obtained a non-roster firearm under any of the exemptions listed in Penal Code section 32000, subdivision (b), paragraph (6) may not sell or transfer the non-roster firearm to an individual who is not exempt from the requirements of Penal Code section 32000. The System 1 vehicle exemption is $3,325; CCP 704.020: Household items and personal effects; CCP 704.030: Residential building materials to repair or improve home up to $3,500 Los Angeles, CA 90012 Telephone: (213)-894-3118 U.S. Bankruptcy Court Federal Building 300 North Los Angeles Street Los Angeles, CA 90012 Northern Division 1415 State Street Santa Barbara, CA 93101 (805) 884-4800 Santa Ana Division 411 West Fourth Street Santa Ana, CA 92701-4593 Telephone: (714) 338-5300 San Fernando Valley 21041 Burbank Boulevard Residential building materials to repair or improve home up to $3,050 - 704.030. Tools of the Trade Exemption in Bankruptcy. California Bankruptcy Exemptions - Section 704 protection: Home-Allows to protect $75,000 in equity in your home for a single person, $100,000 for families or head of household, or $175,000 if you are 65 years or older, or physically or mentally disabled. Residential building materials to repair or improve home up to $3,500 - 704.030. Generally if you have a substantial amount of equity in your home you will utilize 704 exemptions instead of 703. These changes ultimately limit how much judgment creditors can garnish from an individual's bank . 704.730. The government was concerned that one spouse (say the husband) might file for bankruptcy and use the 703 exemptions to protect the cash in the bank. 704.030 Material to be applied to repair or maintenance of residence $ 3,500 704.040 Jewelry, heirlooms, art $ 8,725 704.060 Personal property used in debtor's or debtor's spouse's trade, business, or profession (amount of exemption for commercial motor vehicle not to exceed $4,850) $ 8,725 704.060 Personal property used in debtor's and spouse . But the jewelry, heirlooms, and art exemption is very generous. In determining the amount to be exempt under this subdivision, the court shall allow the judgment debtor such additional amount as is necessary to pay any federal and state income taxes payable as a result of the applying of an amount described in paragraph (3) of subdivision (a) to the satisfaction of the money judgment. Under 704, the following may be exempted in a bankruptcy petition in California: A $2,725 motor vehicle exemption in any equity held in a personal vehicle. (a) The amount of the homestead exemption is the greater of the following: (1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in. California Bankruptcy Exemptions Below are the exemptions codes for a California Bankruptcy: SECTION 704.010-704.210 California Bankruptcy Exemptions: 704.010. 1 at 16. California Code of Civil Procedure Section 704.010 exempts the aggregate equity in motor vehicles, proceeds from the execution sale of a motor vehicle, or proceeds from loss, damage or destruction of a motor vehicle in the amount of $3,050. (Subject to residency requirement) Real or personal property you occupy including mobile home, boat, stock cooperative, community apartment, planned development or condo to $75,000 if single and not disabled; $100,000 for families if no . Can't overlap home veh. (a) The amount of the homestead exemption is the greater of the following: (1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000). 1364, Sec. The motor vehicle exemption protects equity in your car, truck, motorcycle, or another vehicle. United States Bankruptcy Court 450 Golden Gate Ave Mail Box 36099 San Francisco, CA 94102. 704.010 704.030 Material to be applied to repair or maintenance of residence $ 2,425 704.040 Jewelry, heirlooms, art $ 6,075 704.060 Personal property used in debtor's or debtor's spouse's trade, business, or profession (amount of exemption for commercial motor vehicle not to exceed $4,850) $ 6,075 The proceeds are exempt for a period of six months after the time the proceeds are actually received by the judgment debtor . California—SYSTEM 1 (the 704 exemptions): Northern District of California: United States Bankruptcy Court 3140 Boeing Ave McKinleyville, CA 95519 (707) 443-9081. California Bankruptcy Exemptions: 703 v. 704. California bankruptcy laws provide for two separate sets of exemptions. The court then moved to the specific statute that provides for an exemption to private retirement plans, being California Code of Civil Procedure (CCP) § 704.115(b): The second choice, appealing to those without significant equity in their home, is the California bankruptcy exemptions found at CCP 703.140(b). Some states allow federal and state exemptions, but California only allows state exemptions that divide into two groups: 703 and 704. There are two sets of available exemptions: Set 1 or "704 exemptions" and Set 2 "703 exemptions.". California Code of Civil Procedure Section 704.080. The "Wildcard" Exemption and How to Use It. Browse CALIFORNIA CODES | ARTICLE 4. How to protect your property in bankruptcy in California using 703 and 704 exemption laws. (3) The […] exemption. Possible denial of tax refunds for cases not covered by California's Bankruptcy Exemptions Code (Section 703 or 704) For people with low credit scores (400 to 500), filing for bankruptcy may result in a slight increase by boosting their debt-to-credit ratio. CCP Code § 704.225 - 704.225. Both sets allow the debtor to exempt . ARTICLE 3. 2. ) Aid to elderly, blind, and disabled or other types of public assistance is exempt under Section 704.170. Here is the Detail The text of AB 1885 is concise. Section 704.730 of California's Civil Code has been amended as of January 1, 2021 to provide: (a) The amount of the homestead exemption is the greater of the following: (1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed . BERNARDO CRUZ VS CHARLES PAPKE ET AL Accordingly, pursuant to Section 704.070, subdivision (b)(2), only seventy-five percent of the paid earnings in the Chase account are exempt from levy. (Added by Stats. California Exemptions 704.080. (2) One hundred thousand dollars ($100,000) if the judgment debtor or . Instead, California provides two exemption schemes found in Section 703 and 704 of the California Code of Civil . (2) Three hundred thousand dollars ($300,000). In bankruptcy you are allowed to keep certain assets that your creditors are not allowed to touch. By contrast, California's 704 exemptions work well to protect a significant amount of home equity, all household basics, personal injury actions, and equipment needed in a family business. Search California Codes. The new exemption for all homeowners will be a minimum of $300,000 and a maximum equal to the median home price in the homeowner's county with a cap of $600,000. New laws raised the homestead exemption under 703 to $26,800 and motor vehicle exemption to . 3 Jewelry, heirlooms, and works of art up to $8,725 - 704.040. You should also exempt it under CCP 704.115 just to cover all bases, even though it's technically not necessary. Exemptions under C.C.P. The 704 exemptions have a large exemption for your home: the greater of $300,000 or the countywide median sale price of a single-family home. California bankruptcy exemptions under section 704 are designed to protect home owners equity in their house. Personal Property Household items and personal effects - 704.020. (a) The amount of the homestead exemption is the greater of the following: (1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000). 2. ) The System 1 vehicle exemption is $3,325 - 704.010. Although a California bankruptcy does not offer filers the option of selecting between federal and state exemptions, they will have two choices for their exemptions. Also, SB 616 expands property exemptions by amending CCCP § 704.070 and adding CCCP §§ 704.220, 704.225, and 704.230. 2005 California Code of Civil Procedure Sections 704.710-704.850 Article 4. Given the age, income and marital status of the debtor, individuals may protect up to $175,000.00 in equity in their home. As of January 1, 2021, the homestead exemption increased to a minimum of $300k and a maximum of $600k depending on which county you live in. In exchange, filers can't keep luxury items like a boat, RV, or fancy car. CA Civ Pro Code § 704.080 (2017) (a) For the purposes of this section: (1) "Deposit account" means a deposit account in which payments of public benefits or social security benefits are directly deposited by the government or its agent. For more articles on exemptions, see Bankruptcy Exemptions.And to find other common exemptions in California, see California Bankruptcy Exemptions. Health Aids, Prosthetic and 704.730. for a homestead acquired for public use are exempt in the amount of the homestead exemption provided in Section 704.730. Tools are of the trade are items such as tools, materials, uniforms, instruments, furnishings, books, equipment, one commercial vehicle, and other items of personal property reasonably necessary to and actually used by the debtor in his or her trade . Exempt Property [704.010 - 704.230] ( Article 3 added by Stats. California is the only state that has two sets of state exemptions. Money in a judgment debtor's deposit account that is not otherwise exempt under this chapter is exempt to the extent necessary for the support of the judgment debtor and the spouse and dependents of the judgment debtor. When you file bankruptcy in California you may also use certain federal exemptions in addition to your California exemptions. Note that unemployment benefits, as well as union benefits because of a labor dispute, are covered under Section 704.120. The exact amount of the exemption is set . You cannot exempt cash in your bank accounts unless the cash came from wages earned within 30 days before your case is filed (in which case you can exempt 75% of that amount under CCP 704.070). Homestead Exemption 704.710-704.850 for free on Casetext Unlike other states, California does not permit California residents filing for bankruptcy to use the Federal exemption scheme found in the bankruptcy code. California 704 Motor Vehicle Exemption 1 Household items and personal effects - 704.020. (SB 616) Effective January 1, 2020.) Where exempt proceeds from the sale or damage or destruction of a homestead are used toward the acquisition of a dwelling within the six-month period provided by Section 704.720, "homestead" also means the dwelling so acquired if it is the principal dwelling in which the judgment debtor or the judgment debtor's spouse resided continuously from . CCP § 704.160 Exempt, except as to collection of awards of child, spousal, or family support, which may be collected through a local child enforcement agency. As a result, the amounts listed in this chart may not match the amounts that appear in the cited statutes, and all amounts should be confirmed. by the government or its agent. The California "homestead" exemption pursuant to that section allows a debtor to claim an exemption This chart of California bankruptcy exemptions under the California Code of Civil Procedure Sections 703 and 704 that set forth the available California Bankruptcy Exemptions was updated on April 21, 2021 by Gary Ray Fraley, California State Bar Certified Bankruptcy Law Specialist, founder & owner of Fraley & Fraley, Sacramento Bankruptcy . (2) The proceeds of an execution sale of a motor vehicle. 552, Sec. 704.225. Therefore, if you select the 704 California bankruptcy exemption scheme you can exempt up to $3.050 . Code § 704.720 - The amount of the homestead exemption is the greater of the following: (1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000*). 1982, Ch. 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