Today, April 1, and apparently not a moment before, the Judicial Council has released the new California exemptions reflecting the cost of living adjustments.
EJ-156 sets out both the dollar amounts of the California bankruptcy exemptions found in Code of Civil Procedure 703.140 and those CCP 704 subsections where the dollar amounts were increased.
Bankruptcy exemptions
The grub stake, or wild card exemption increased to $25,075; the car exemption to $5100; loan value in insurance to $13,675; and tools of the trade to $7,575.
[I think the text in the form for 703.140(b)(2) continues to talk about the “debtor’s interest in one motor vehicle.” Assembly Bill 929 changed that to allow the exemption to be spread over multiple vehicles.]
State law exemptions
The CCP 704 exemptions now protect $2900 in car equity; jewelry of $7,625, and tools of the trade of $7,625 per spouse.
The California homestead exemption for a debtor’s residence is unchanged at this point. The homestead will be adjusted for the cost of living going forward by reason of Assemblyman Bob Wieckowski’s bill which became effective January 1, 2013.
