Does anyone know what I am allowed to have under these circumstances in California?
In California, a judgment debtor can chose between to 'exempt property plans'. They are:
Option 1
* Homestead: Real or personal property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo, up to $50,000 if single and not disabled; $75,000 for families if no other member has a homestead. If one spouse files, he or she may exempt one-half of amount if home held as community property and all of amount if home held as tenants in common. $150,000 limit if age 65 or older, or physically or mentally disabled; $150,000 limit if 55 or older, single and earn under $15,000, or married and earn under $20,000, and creditors seek to force the sale of the home. Sale proceeds exempt for 6 months after received. Husband and wife may not double the exemption. May file a homestead declaration.
* Pensions and Retirement Benefits: Funds exempt for county employees, county firefighters, county peace officers and public employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,095,000 per person.
* Insurance: Disability or health benefits. Fraternal unemployment bonds. Life insurance proceeds or avails if clause prohibits proceeds from being used to pay beneficiary's creditors. Fidelity bonds. Homeowner's insurance proceeds for 6 months after received, to homestead exemption amount. Matured life insurance benefits needed for support. Unmatured life insurance policy loan value to $10,775; husband and wife may double.
* Personal Property: Appliances, furnishings, clothing and food needed. Bank deposits from Social Security Administration up to $2,700 ($4,050 for husband and wife). Bank deposits from other government benefits up to $1,350 ($2,025 for husband and wife). Building materials up to $2,700 to repair or improve home (husband and wife may not double). Burial plot. Health aids. Jewelry, heirlooms and art up to $6,750 total (may not be doubled). Motor vehicles to $2,550 in auto insurance if vehicle(s) lost, damaged or destroyed (may not be doubled). Personal injury causes of action. Personal injury recoveries needed for support; if receiving installments, at least 75%. Wrongful death causes of action. Wrongful death recoveries needed for support; if receiving installments, at least 75%.
* Tools of Trade: Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, up to $6,750 total; up to $13,475 total if used by both spouses in same occupation (cannot claim motor vehicle under both tools of trade exemption and motor vehicle exemption); business motor vehicle up to $4,850 ($9,700 for both spouses).
* Miscellaneous: Business partnership property. Business or professional license, except liquor license. Inmates' trust funds up to $1,350 (husband and wife may not double).
* Wages: Public employees' vacation credits (if receiving installments, at least 75%). 75% of wages paid within 90 days of filing for bankruptcy.
* Public Benefits: Aid to blind, aged, disabled. AFDC (Aid to Families with Dependent Children). Financial aid to students. Relocation benefits. Union benefits due to labor dispute. Unemployment benefits. Workers' compensation.
* Wild Card: None.
Option 2
* Homestead: Real or personal property including a co-op, used as residence up to $20,725. Unused portion of homestead may be applied to any property up to $15,000.
* Pensions and Retirement Benefits: ERISA-qualified benefits needed for support. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,095,000 per person.
* Insurance: Disability or health benefits. Life insurance proceeds or avails needed for support. Unmatured life insurance contract accrued avails to $11,750. Unmatured life insurance policy other than credit.
* Personal Property: Animals, crops, appliances, furnishings, household goods, books, musical instruments and clothing up to $525 per item. Burial plot up to $20,725, in lieu of homestead. Health aids. Jewelry up to $1,350. Motor vehicle up to $3,300. Personal injury recoveries up to $20,725 (not to include pain and suffering or pecuniary loss). Wrongful death recoveries needed for support.
* Tools of Trade: Implements, books and tools of trade up to $2,075.
* Miscellaneous: Alimony. Child support needed for support.
* Wages: None.
* Public Benefits: Unemployment benefits. Crime victim's compensation. Public assistance. Social Security. Veteran's benefits.
* Wild Card: $1,100 of any property. Unused portion of homestead or burial exemption of any property.
And how long does this enforcement process take?
Depends on how aggressive the judgment creditor is.
BTW, it really doesn't matter what you have... but what you WILL have. A judgment in California is good for 10 years... and renewable. While accruing 10% interest the full time.
