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California Exemptions CCP 703 CCP 704. Exemptions  A fancy word for a list of things that you are able to keep and creditors cannot reach.  Code of.

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Presentation on theme: "California Exemptions CCP 703 CCP 704. Exemptions  A fancy word for a list of things that you are able to keep and creditors cannot reach.  Code of."— Presentation transcript:

1 California Exemptions CCP 703 CCP 704

2 Exemptions  A fancy word for a list of things that you are able to keep and creditors cannot reach.  Code of Civil Procedure - Section 703  Code of Civil Procedure - Section 704

3 Code of Civil Procedure Sections 703  1.-Homestead  2.-Motor Vehicle  3.-Personal Property  4.-Tools of Trade .5.-Insurance  6.-Pension  7.-Public Benefit  8.-Alimony and Child Support

4 Code of Civil Procedure Sections 704  1.-Homestead  2.-Motor Vehicle Exemption  3.-Peronal Property  4.-Tools of Trade  5.-Insurance  6.-Pensions  7.-Public Benefits  8.-Alimony and Child Support

5 CALIFORNIA LAW  http://www.leginfo.ca.gov/calaw.html http://www.leginfo.ca.gov/calaw.html  California Law  California Code of Civil Procedure Table of Contents  Chapter 4 Exemptions  Section 703 & Section 704

6  If you had an automobile worth $2,700 this would be exempt under CCP 703.  Motor Vehicle  Up to $4,800 in value

7  The best applicable exemption under California Exemptions for a home with a $50,000 equity would be CCP 704  Homestead  Up to $75,000 in value per per individual

8 ALL CCP 703 ALL CCP 704

9 Make up your mind, 703 or 704? Only one !!!!!!!!!!!!!!!!!!

10  CCP 703 would be the best option for someone not owning a home (property).  “Wild Card”  $18,325 exempt in cash


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