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.
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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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.
How much of your home equity is protected if you file for bankruptcy in California?
The Federal Government adjusts Federal exemption amounts every three years. Does California adjust exemption amounts?