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Updated: 2021-03-09 by
US Bankruptcy Code § 522 Miscellaneous Exemptions-
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.
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.
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Most states have exemptions for life insurance but it's important to figure out what part of the insurance is exempt.
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.
The Federal Government adjusts Federal exemption amounts every three years. Does California adjust exemption amounts?