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Bankruptcy in California, the 704 homestead exemption increases for low income debtor. What income matters? last year? Now?

Los Angeles, CA |

Please explain: Would a 55+ aged debtor be able to take the increased exemption amount if for example, he was making little to no money the past year or two but is now finally starting to make enough that it would put him over the threshold amount?

Attorney Answers 3


  1. Homestead exemption for low income debtors is based on the income at the time the homestead is claimed.


  2. Look at this list. Income is last six months and current (on Schedule I/J - budget/income) Plus 2 years of tax returns. But six months before filing is critical.
    http://www.publiccounsel.org/tools/assets/files/California-Bankruptcy-Exemptions-UPDATED-January-2013-CC.pdf If you don't have money and need help seek help from PUBLIC COUNSEL
    http://www.publiccounsel.org/publications?id=0159