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Updated: 2021-03-08 by
Federal "non-bankruptcy" Public Benefits exemptions (available in all states)
Federal Bankruptcy Code §522(d) Public Benefits Exemptions
The Federal Bankruptcy Exemptions are available to you if
- you haven't lived in any state longer than 180 days for a while, or
- if your state allows the Federal exemptions as a choice.
Does California allow debtor the option of using the Federal Bankruptcy exemptions instead of state law exemptions?
No. Federal exemptions not available. Instead, California has two systems of exemptions, one of which closely mirrors the federal scheme.
You may also be interested in:
Retirement accounts that are recognized by the IRS are exempt by law in bankruptcy up to over a million dollars. State law may provide additional protection for specific kinds of pensions, under state law.
Most states allow an exemption for "tools of trade or profession"... this can include tools, books, even vehicles. Sometimes can be an alternative to the motor vehicle exemption.
The Federal Government adjusts Federal exemption amounts every three years. Does California adjust exemption amounts?