California Bankruptcy Exemptions Increase in 2013
California Assembly Bill 929, which took effect on January 1, 2013, made some changes to California bankruptcy exemptions. Here are some of the highlights of those changes:
- the motor vehicle exemption increased to $4,800 and you can now exempt more than one vehicle (previously you could only exempt the equity in one vehicle)
- the homestead exemption amount increased to $24,060
- the tools of the trade exemption amount increased to $7,175
- the wildcard exemption increased to $1,280, and
- you can now exempt personal injury recoveries for pain, suffering, and actual pecuniary loss (before these types of damages were excluded from the personal injury recovery exemption) and the total exemption amount increased to $24, 060.
Effective date: January 01, 2013