In April of 2022 the Bankruptcy Court implemented an increase in allowable bankruptcy exemptions on certain types of property. This is a recap of the more significant changes made to the exemptions amounts. It is not a full list of all of the available exemptions in all categories. The following table breaks down what changed:
Exemption Prior Exemption Allotted 2022 Exemption
(703 Exemptions: Typically used when debtor is not a homeowner or has very little home equity:)
Homestead/Wildcard $29,275.00 $33,650.00
Motor Vehicle $5,580.00 $6,375.00
Jewelry $1,750.00 $1,900.00
Tools of the Trade $8,725.00 $9,525.00
Life Insurance $15,650.00 $17,075.00
Personal injury payments $29,275.00 $31,950.00
Exemption Prior Exemption Allotted 2022 Exemption
(704 Exemptions: Homeowners with significant equity:)
Home Equity $ Varies by County $Varies by County
Motor Vehicle $3,325.00 $3,625.00
Jewelry, heirlooms, artwork $8,725.00 $9,525.00
Tools of the Trade $17,450.00 $19,050.00
Life Insurance $13,975.00 $15,250.00
Personal injury payments $29,275.00 $31,950.00
If you are considering bankruptcy, contact your Yuba City bankruptcy attorney at (530) 797-4402 for more information on the exemptions that are available to protect your property.
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