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California WildCard Exemption

California WildCard Exemption

Almost every state has an exemption for "any property" which is sometimes called the "wildcard" or "grubsteak" exemption. Generally this exemption is useful because it can be combined with other exemptions to fully protect equity that might otherwise go unprotected.
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California Wage Garnishment
 
California Homestead Exemption

Updated: 2021-03-09 by

State Law Wildcard Exemption

None (use federal non-bankruptcy wage exemption)

Deposit Accounts  to amount "necessary for the support of the judgment debtor, as well as the judgment debtor’s spouse and dependents"(CCP 704.225.) Using this exemption, a family living paycheck to paycheck could likely exempt an entire account balance; however, courts have yet to weigh in on the new law. A debtor must assert this exemption for it to apply.

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Federal Bankruptcy Wildcard 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. 

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California Wage Garnishment
 
California Homestead Exemption

You may also be interested in:

  • California Wage Garnishment

    Wages are protected by federal non bankruptcy law, and by state wage garnishment laws, which are generally more generous than the Federal wage garnishment protection. There are typically exceptions to this exemption for things like child support, and other priority debts.

  • California Homestead Exemption

    How much of your home equity is protected if you file for bankruptcy in California?

  • Does California Adjust Exemptions for Inflation?

    The Federal Government adjusts Federal exemption amounts every three years. Does California adjust exemption amounts?

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California: Law

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