California Assembly Bill 929: Increasing Certain Exemptions Available to Bankruptcy Debtors under C.C.P. Sections 703 and 704

Dear California NACBA member:

In case you had not heard, California Assembly Bill 929, took effect on January 1, 2013, increasing certain exemptions available to bankruptcy debtors under CCP Sections 703 and 704.  This legislation was introduced by Assembly Member Bob Wieckowski, who is also a long-time NACBA member.  We have learned that Rep. Wieckowski has been named the Chairman of the Assembly Judiciary Committee in the legislative session which began on December 1, 2012, and NACBA looks forward to working closely with him in this session to address further revisions needed to CCP 703 and 704.

Here are some highlights of California Assembly Bill 929:
. Increases the dollar amount of the exemptions for various categories under CCP 703.140(b)
. For the personal injury exemption under CCP 703.140(b)(11) (D), eliminates the exclusion for pain, suffering and actual pecuniary loss
. Expands the motor vehicle exemption under CCP 703.140 (b)(2) to one or more vehicles
. Increases the maximum income threshhold for persons 55+ years of age to be eligible for the $175,000 homestead exemption under CCP 704.
. Beginning April 1, 2013, and every 3 years thereafter, requires the Judicial Council to submit to the Legislature the amount by which the homestead exemptions may be adjusted based on the change in the annual California Consumer Price Index

A special thanks goes out to NACBA co-founder Norma Hammes, NACBA Director John Colwell, NACBA regional state chairs – Erik Clark, Ray Schimmel, David Tilem and Cathy Moran – for helping organize members and contacting key legislators to help get this bill enacted. Also, thank you to all NACBA members who assisted in obtaining passage of AB 929.

A handy Summary Sheet prepared by Norma Hammes which details the new exemption numbers, is located here.

https://netforum.avectra.com/temp/ClientImages/NACBA/23f0ff11-d2ca-479b-9759-7cd7ab1bbde9.pdf

Sincerely,

Ike Shulman
Chair, NACBA Legislative Committee

PS: You may want to take a moment to contact Rep. Wieckowski by clicking here to thank him for his tireless efforts in getting AB 929 enacted into law.