Am I understanding this correctly?

[PaKettle]

California has two "systems" you can use for exemptions, and each are different, so you just choose the one that best fits your situation.

For exemptions it says this:
"Real or personal property, including co-op, used as residence to $17,425; unused portion of homestead may be applied to any property" [I believe the exemption is much higher than $17k, now, I saw it higher on other sites]
Then it also says:
"Plus unused portion of homestead or burial exemption, of any property"

So that means that ANY other possession you have, (including money in the bank?), up to the figure above, you can keep, if you are not using it for a homestead?

That's the way I understand it. If so that would explain why my attorney said they can't take my taxes and it doesn't matter how much money I have in the bank up to x amount...(he didn't name the figure but indicated it was pretty high)
Is that correct?

[EZDUZIT449]

Yes you are correct, you can use up to $20,000 <ball park figure> for the second Calif exemption. And you can add to that the car exemption, ect ect.

[PaKettle]

Yes you are correct, you can use up to $20,000 <ball park figure> for the second Calif exemption. And you can add to that the car exemption, ect ect.

Thank you. Sometimes I am pretty sure I understand the legal-ese language, but I just want to be sure. That would explain why we don't have to worry about extra money in the bank the day we file, etc..

One question, though: someone in another thread mentioned listing bicycles, etc. - that the trustee asked about assets.

My attorney did not ask us about things like bicycles, stereo equipment, computers, etc.. Is it not necessary to list such things because of this 2nd California exemption? Or should I remind my attorney that we do have some other (small)assets such as these, that we should list? He did list our wedding rings ,but nothing else in the way of "assets", nor did he ask us. He asked about real estate, insurance funds, bank deposits, etc., but not about misc. consumer good "assets" like bicycles or computers, musical instruments, etc.

[lrprn]

My attorney did not ask us about things like bicycles, stereo equipment, computers, etc.. Is it not necessary to list such things because of this 2nd California exemption? Or should I remind my attorney that we do have some other (small)assets such as these, that we should list?

These small value belongings are grouped into your household belongings, Pa. That's why your lawyer isn't worried about and didn't ask about "the small stuff"