California bankruptcy laws are the specific laws associated with various bankruptcy cases of the permanent residents of the state of California. The bankruptcy laws in the various states in the United States vary mostly in terms of properties that are exemptible. Some states are liberal, while some other states are very strict in this regard. Following are the exemptible properties as per the California bankruptcy laws.
If you are not married, you can exempt residential properties up to the value of fifty thousand dollars. On the other hand, if you are married and have kids as well, you can exempt residential properties up to the value of seventy five thousand dollars. If you are physically disabled and are at least sixty-five years old, you can exempt residential properties up to the value of 125,000 dollars. Residential properties include the following.
◦Real or personal property
◦Mobile home
◦Stock cooperative
◦Community apartment
◦All types of clothing and food needed are exempted to its full value.
◦Bank deposits up to two thousand dollars are exemptible under the California bankruptcy laws. If you are married couple and are filing bankruptcy jointly, this amount may exceed up to three thousand dollars in total.
◦Home Improvement materials up to two thousand dollars are also exemptible
◦Jewelry and Art Crafts up to the value of five thousand dollars.
◦Any number of cars or other vehicles up to the value of nineteen hundred dollars. If vehicle is lost or damaged, you can also exempt nineteen hundred dollars from the auto insurance proceedings. This amount remains the same for married couple as well.
◦The California bankruptcy laws also allow un-matured life insurance policy loan up to the value of eight thousand dollars as exemptible. This amount also does not double in case of a married couple.
◦All types of business or professional licenses up to its full value are also exemptible.