Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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California Exemptions

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  • California Exemptions

    Hello All,

    I am working on my own BK documents and am currently working on my exemptions. Any help you can give will be very much appreciated.

    In California you must chose one of two different sets of exemption codes, either CCP section 703 or CCP section 704. I don't know why there are two different sections but can't help but wonder, is it because a person can only qualify for one or the other depending on their circumstances? If so, what are those circumstances? Since using either set brings me different points of confusion, I will start with that question. Maybe if I have more of an understanding I won't have so much confusion and less questions for all of you in my next post! YaY!

    Here's a bit about me, or rather pretty much everything about me. Well that's not true - the real important stuff isn't included. ;-)

    I live in California and my assets are minimal. They include: basic home furnishings & personal items, a 12 year old car, a public retirement 401 plan that I do not yet qualify for, monthly SSDI payments (my only income), two checking accounts and one savings account (all holding money from my SSDI payments and back pay), and an investment account that I've had for about 5 years now (and still haven't learned what to do with. Help? Anyone? lol). Its market value is only about $150. My debt for the most part is consumer debt, debt from credit cards and medical bills, and I have a foreclosure from 2014. I currently live in a home where I rent a room.

    Thank you in advance for helping me. Below are the links to the exemption code sections which I shortened using Googles URL shortener.

    703 code:
    704 code:

  • #2
    You can choose whichever set of exemptions is most beneficial to you. Generally, the 704 exemptions are used by homeowners who have equity they need to protect. The 703 exemptions have the benefit of having a large wildcard exemption. As you are not a homeowner, it's likely you will choose the 703 exemption list for that reason.

    While the links you provided are the code, it may be easier to read on Nolo's site.


    • #3
      I can't tell you which exemption "System" to use, but people refer to them as System 1 (704) and System 2 (703). There are advantages based on whether or not you own a home and plan to exempt the equity (or value) of the home.

      When you don't own a home, System 2's wildcard takes the unused homestead exemption and makes the overall "wildcard" exemption significantly higher ($28,225) over using System 1's wildcard ($0). But system 1 protects more of homestead real property than System 2.

      You get to pick which works best for you. (Hint: you don't own any real property so...)
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • #4
        You have already received good answers and an excellent hint. Make sure you are using the correct exemptions as some of them are updated every three years and not all websites keep them updated. See my blog entry: I checked the link regarding the updated amounts and it is fortunately updated with the most recent revisions effective April 1, 2016.
        Last edited by LadyInTheRed; 05-05-2017, 04:47 PM.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


        • #5
          Thank you all for your help. I believe I've got my exemptions completed and are correctly done thanks to your input. Since my post I've had something come to mind that I plan to post about soon. If you all see it and have the time I would really appreciate your feedback. Thanks again!

          Until next time. ☺


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