Judgments and Bankruptcy: State Exemptions for California
You can think of California as the opposite of Florida. While Florida has liberal laws to protect consumers, that state favors creditors. If you are unlucky enough to be sued in Cali, you won’t be left with much. For example, creditors can tap into your social security benefits: something that is prohibited in many other states. There is a provision in the law for a cost of living increase, but that’s little solace to you if you’re having to turn over a portion of your retirement check over. My advice if you are being sued for a debt in California? Move.
What you can keep if a creditor gets a judgment against you
Car: up to $3,300 inequity.
Property: $20,725 in real property (like a house or burial plot).
Art, jewelry, or heirlooms: $6,075.
Social security: $2,700.
Public benefits: $1,350.
Life insurance, cash value: $10,775.
If you own tools of the trade or have an unusual circumstance (like you are in prison), there are a couple of other exceptions. But boy, am I glad I live in Florida, where creditors can’t get me.
You can find the full list of state exemptions from enforcement of judgment in California here..
Related posts:
- Judgments: What are the State Exemptions for West Virginia?
- Bankruptcy and Judgments: What are the State Exemptions for Wyoming?
- Bankruptcy and Judgments: What are the State Exemptions for Pennsylvania?
- Bankruptcy and Judgments: What are the State Exemptions for Colorado?
- Bankruptcy and Judgments: What are the State Exemptions for Wisconsin?
