In 2020, California Senator Bob Wieckowski and five California Bankruptcy Attorneys, including JENNY L. DOLING of J. DOLING LAW, PC worked hard to pass AB 1885 to update California’s outdated homestead exemption laws. Ms. Doling testified before the California Assembly and State Senate supporting this important legislation. The Bill passed and took effect January 1, 2021. This law was designed to fluctuate with the real estate market. The minimum homestead exemption in California is $300,000 and the maximum is $600,000 which are each adjusted annually on January 1st. The actual homestead exemption will be based on the median sale price of single-family homes in each county for the prior year. Homestead exemptions are also subject to limitation under federal laws. So, it is important to meet with a qualified, reputable, California State Bar Certified Bankruptcy Specialist to determine if your home is protected. Failure to do so can result in the loss of your home or other important assets. Our bankruptcy attorney is a California State Bar Certified Bankruptcy Specialist with more than 25 years of experience.
As of January 1, 2024, the new minimum homestead exemption is $349,720 and the new maximum is $699,426. For Riverside County, the 2024 homestead exemption is $612,000. For San Bernardino County, the 2024 homestead exemption is $475,000. If you have not recorded a homestead declaration for your home, we recommend you do so. The homestead declaration puts everyone on notice that your residence is your homestead. Most county recorder offices have sample homestead declarations available on their websites. If you’re not comfortable handling your own homestead declaration, we can help.
If you’re dealing with debt and need to protect your home and assets, it’s time to schedule an appointment with our office. Call (844)894-4440. We represent clients in every federal district in California.