Does California have no exemption for:

[DaisyMae]

1. Cash on hand in a bank, or
2. Prepaid rent or etc as a homestead option for renters?
I only see scenario 1 vs 2, with no mention of these things.

Thanks.

[BROKENN]

HI Daisy,

Scenairio 2 has a wildcard for non-home owners (or surrendering home owners) for a little over $20K to use anyway you want. Cash, equip, cars, accounts, jewelry, etc.

You can look up CA BK exemptions: http://www.legalconsumer.com/bankruptcy/exemptions/

[Cali]

I was so glad to be in CA when I filed. I liked the way they have 2 different options. I used option 2 when I filed.

[DaisyMae]

I'm not finding that $20,000 amount anywhere.

I'd be a renter, with no homestead allowance. I want to move to CA and file there, because the median income is higher there, and IRS living allowances. If there is a way to have $20,000 in the bank, also? I'd be giddy!

[DaisyMae]

But really all I am inquistive about

is the ablity to prepay six months rent in advance, since my credit is shot- where I am now that exemption is limited to $1500. If I can safely prepay six months of rent in CA, wow...

[JRScott]

You do realize to get CA exemptions you'd have to live in the state of CA for 2 years prior to filing right?

[DaisyMae]

I'm moving to CA.

I just realized after the fact that they have more interesting BK exemptions, not to mention higher IRS standards for the cost of living, and also not to mention a higher median income...hmm..

[DaisyMae]

I don't know where you got your 'two year' number from,

But you file in the state where you have lived for the majority of the past 180 days, which is 91 days. And I don't know where this site originates, but it is an amazing humanitarian effort, especially in light of the economy that is crashing down around us, and it is easily and by far the best internet source of bankruptcy information, and in the easiest format, and etc., and I am truly grateful to whoever is the 'man behind the curtain'. Kudos~

[JRScott]

You can file after 180 days in CA but you would use your previous states exemptions not CAs, you have to be a resident of a state for 2 years to use their exemptions.

[Cali]

JR is correct, you have to live in CA for 2 yrs in order to use their exemptions.

[DaisyMae]

Well, I see that now so scratch that plan.

I was only going to live in CA for six months, just for the experience, but two years of that cost of living would negate the reason for filing!

[Cali]

I've never heard of anyone moving here just to experience it. Why would you spend money to move here, stay here a short time and pay to move..that to me would be a waste of money.

I've lived in SoCal half of my life and I love it here.

I was only going to live in CA for six months, just for the experience, but two years of that cost of living would negate the reason for filing!