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Jan 7, 2021 · On September 18, 2020, California Governor Gavin Newsom signed AB 1885 which has updated CCP § 704.730. The bill, which became effective January 1, 2021, protects debtors who own homes by increasing the California homestead amount to an amount that would keep most homeowners safe from creditors.
- Scott Talkov
Jan 10, 2022 · One of the most important protections is the homestead exemption. While the rules for homestead exemptions vary by state, here in California, we recently had an increase in the exemption limit thanks to California Assembly Bill 1885 back in 2020, bringing it up to between $300,000 and $600,000 .
May 17, 2021 · Currently, the California homestead exemption is automatic, meaning that a homestead declaration does not need to be filed with the county clerk. Under the new 2021 law, $300,000–$600,000 of a home’s equity cannot be touched by judgment creditors.
May 2, 2024 · How Does The Homestead Exemption Protect Your California Home? By law, the Homestead Exemption secures all or part of your home’s equity (depending on the full value of the home). Even in bankruptcy cases, the exemption serves to protect your equity up to the limits defined above.
The California homestead exemption in 2020 was $75,000 for a single homeowner, with a maximum of $175,000 for homeowners who met specific family, income, and age requirements. The new law eliminates many qualifying conditions and provides a homestead exemption to anyone with a principal residence.
Under California law, a homeowner is entitled to the protection of a certain amount of equity in the home that is his or her principal residence (home). The protected amount is called the “homestead exemption.”
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Sep 23, 2020 · In California, there are two types of homestead exemptions – automatic and declared. The automatic exemption protects the equity of the debtor in a dwelling in which the debtor resides at the time the judgment is enforced, up to a statutory amount that is dependent on family or marital status, disability, and age of the debtor.
