California Bankruptcy Exemptions
My question involves bankruptcy in the state of: CA
My wife is declaring a chapter 7 bankruptcy under CA using system 2. The homestead exemption I assume allows us to keep approx 21k.
Property, real or personal, used as a residence: up to $20,725. Any unused portion of this amount can be applied to any property.
Now, my questions involve the rest of this and how it works. Lets take jewelry for example (under personal prop).
Jewelry: up to $1,350 total
Does this mean if she has 1k in jewelry, she now can only keep $19,725 under homestead or does it mean she can keep her 1k in jewelry PLUS the $20,725 as per the homestead.
Thank you in advance for any assistence
Re: California Bankruptcy Exemptions
She applies her homestead exemption up to the limit. If she does not use up her entire exemption because she has a more modest amount of home equity the remaining balance can be used for personal property. The enumerated personal property exemptions are separate exemptions.