Nolo.com's Bankruptcy Foreclosure Blog reminds us that California increased its homestead exemption by $25,000.
The California homestead exemption increased by $25,000 as of January 1, 2010. The current amounts are $75,000 for individuals, $100,000 for couples, and $175,000 for seniors (over 65), disabled or over 55 with limited income, effective January 1, 2010, thanks to legislation signed by Governor Schwartzeneger in late last year.
Of course the increases matter little to most debtors in California these days, what with many homes worth less the mortgages. On the other hand, the new law (AB 1046), will help people facing judgments outside of bankruptcy.
