SB 308 is a new bill introduced by Senator Bob Wieckowski in the California State Senate that provides significant improvements to California’s current exemptions including:
- increasing the homestead to $300,000 for all individuals;
- removing the 6 month reinvestment requirement;
- increasing the exemption for vehicles to $6,000;
- establishing that bankruptcy alone is not an event of default; and
- creating a grubstake of $5,000 for self-employed individuals.
The complete text of the amendment can be found here.
Note: the link above is to the original proposal and is easy to read. The original proposal provided for a $700,000 exemption which was amended down to $300,000. A more difficult to read, updated version can be found here.