You can protect more of your home’s equity, starting on January 1, 2010. This means that instead of protecting $50,000 and $75,000 of your home’s equity when you file bankruptcy if single or married (respectively), now you can save more when you file bankruptcy. Starting with the new year, you’ll be able to protect $75,000 and $100,000 of home equity for single and married debtors.
Of course, the irony is, fewer people have home equity in this sinking California home market. However, when the real estate market recovers, hopefully the law changes in California homestead exemptions will remain permanent.
