The California Homestead exemption (found in CCP §704.730 for those keeping track) was increased as of January 1, 2010.
The Homestead Exemption is the amount of equity in excess of existing liens that the homeowner can protect from levy by creditors. So if your home has a value of $500,000, your existing mortgage balance is $400,000 and you fall into the $75,000 homestead category, then $75,000 of the $100,000 equity cushion in your home is protected from creditors. This works in bankruptcy and out.
Here are the new limits:
- $75,000: Basic homestead for single person
- $100,000: Head of household
- $175,000: Over 65 or physically disabled or under 55 with less than $15,000 in annual income ($20,000 if married).
The full text of the statute appears below.
The exact numbers of the California Bankruptcy Exemptions will be released by the Judicial Council on or about April 1, 2010, and published by the Administrative office of the Courts. The actual published limits are harder than hens’ teeth to find on line, even if you know what you’re looking for. But here is the current published list of California “Current Dollar Amounts of Exemptions from the Enforcement of Judgments.” You can check back here on my site for an update when they release the new numbers on April 1, 2010.