Can anyone expalin this to me in english.

[opus007]

This is from the California exemption code.Does this mean that the amount shown I can claim as exempt persoanal property.Meaning furniture,appliances ect...
(1) The debtor's aggregate interest, not to exceed seventeen
thousand four hundred twenty-five dollars ($17,425) in value, in real
property or personal property that the debtor or a dependent of the
debtor uses as a residence, in a cooperative that owns property that
the debtor or a dependent of the debtor uses as a residence, or in a
burial plot for the debtor or a dependent of the debtor.

[epiphany]

Yes, in California you can use the amounts up to that to include any personal property if you do not own a home. Furniture and appliances are covered in another exemption and do not have to be included in that.

ep

[opus007]

But I can use that exemption if my furniture or other personal property, lets say a stereo is above the the other furnishing exemption?Thanks

[epiphany]

But I can use that exemption if my furniture or other personal property, lets say a stereo is above the the other furnishing exemption?Thanks

Yes, you can use it to offset the value of any personal property.

For example, I have to use a small portion of mine to offset my car, which is slightly over what the California car exemption allows. You can pick and choose.

You also have another 925.00 in personal property exemptions which can be used for anything. It's called the wild card.


ep

[opus007]

Wow.Great .THANKS.

[slam22]

This is from the California exemption code.Does this mean that the amount shown I can claim as exempt persoanal property.Meaning furniture,appliances ect...
(1) The debtor's aggregate interest, not to exceed seventeen
thousand four hundred twenty-five dollars ($17,425) in value, in real
property or personal property that the debtor or a dependent of the
debtor uses as a residence, in a cooperative that owns property that
the debtor or a dependent of the debtor uses as a residence, or in a
burial plot for the debtor or a dependent of the debtor.

As an FYI these amounts have been updated as of April 1, 2007. The amounts now are $20,725 and the wild card is $1100.

[Cali]

Thanks slam for posting that before I could.

I am so glad I am in CA and got to use the exemptions.

[epiphany]

As an FYI these amounts have been updated as of April 1, 2007. The amounts now are $20,725 and the wild card is $1100.

Cool, thanks Slam.

ep