CALIFORNIA FAMILY LAW
...Bankruptcy
......Effect on Division of Property/Debts
.........Exemptions
6 Cards On This Topic:

Exemptions determined by federal law unless debtor has lived in state for 730 days before filing.

IRAs are exempt up to $1,245,475.

Disabled debtor may claim autom. homestead exemption if he resided in home on the petition date, the relevant factors being the physical fact of occupancy and his intention to live there—remand required where bankr. court did not consider intent.

Debtor can exempt funds in an IRA inherited from a non-spouse under 11 USC 522(b)(3)(C) subject to any applicable dollar limitation set forth in 11 USC 522(n).

As H and W did not agree on exemptions, Cal. law presumed election of Cal. exemptions, including homestead exemption, and not state exemption scheme based on federal law.

Where debtors invested exempt proceeds from sale of prior homestead in new home under construction prior to bankruptcy filing, and proved they intended to live in the new home, bankruptcy ct. did not err in sustaining homestead exemption claim.