partially exempt an item in two categories simultaneously?

[IOIOIO]

The set of exemption rules in California I want to follow (which are here) specify for one of the categories of personal property that I may exempt "The debtor's interest, not to exceed four hundred fifty dollars ($450) in value in any particular item, in household furnishings, household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor."

I have, for example, a guitar worth $1000. Does that mean I can exempt $450 worth of it under the rule I quoted, and then exempt the remainder of it under my available wildcard exemption amount? Or am I required to fit each item I want to exempt in one category only, and any "overhang" is just my tough luck?

[JRScott]

Okay so your using System 2 in CA.

Hmm never heard of splitting it but it might be possible.

Are you sure the guitar would bring 1000 dollars today if you sold it at a garage sale or yard sale? If you have nothing else I'd probably just wild card the guitar and reevaluate what its worth. Many of us overvalue our property.

[IOIOIO]

Okay so your using System 2 in CA.

Hmm never heard of splitting it but it might be possible.

Are you sure the guitar would bring 1000 dollars today if you sold it at a garage sale or yard sale? If you have nothing else I'd probably just wild card the guitar and reevaluate what its worth. Many of us overvalue our property.

Right, system 2 in California.

I'm sure of the value of my property. I asked this question as a "for example" so that I can figure out the best way to exempt every item I own. My issue doesn't regard the disposition of a single item.

[HHM]

Yes, particularly in the case of a "wildcard" exemption, it can be used to make-up a shortfall in the use of another exemption. What you typically can't do is use two exemptions that cover different type of assets. For example, you cannot use both the Personal Prop exemption and Tools of Trade exemption to exempt your 1000 gal air compressor.

[IOIOIO]

Yes, particularly in the case of a "wildcard" exemption, it can be used to make-up a shortfall in the use of another exemption. What you typically can't do is use two exemptions that cover different type of assets. For example, you cannot use both the Personal Prop exemption and Tools of Trade exemption to exempt your 1000 gal air compressor.

Thanks. The "Homestead" exemption in California, system 2 looks like a kind of wildcard. Any idea if I can make up shortfalls by mixing a valuable item from the personal property category with the homestead exemption? Or do I just have to place the whole thing in the homestead category?

Also, the Nolo book, The Bankruptcy Site, and the California Code of Civil Procedure I linked to above all differ as to amounts. I presume this is because amounts are updated periodically, but for the homestead exemption, The Bankruptcy site says $20,725, Nolo says $18,675, and the online California code says $17,425. It seems odd that figures would get revised down so severely, so is it possible that California's online code is the least current of the three? I would have assumed the California code to be the last word.

[IOIOIO]

Also, the Nolo book, The Bankruptcy Site, and the California Code of Civil Procedure I linked to above all differ as to amounts. I presume this is because amounts are updated periodically, but for the homestead exemption, The Bankruptcy site says $20,725, Nolo says $18,675, and the online California code says $17,425. It seems odd that figures would get revised down so severely, so is it possible that California's online code is the least current of the three? I would have assumed the California code to be the last word.

Answered my own question here. The Nolo book says "California’s exemption amounts are no longer updated in the statutes themselves. California Code of Civil Procedure section 740.150 deputized the California Judicial Council to update the exemption amounts every three years."

The Nolo book also says "The current exemption amounts can be found on the California Judicial Council website, www.courtinfo.ca.gov/forms/exemptions.htm" but anyone who can actually find the information there deserves a medal.

[JRScott]

http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=ccp&codebody=&hits=20

Section 703 and 704 of the California Code of Civil Procedure. About halfway down that page, titled Chapter 4: Exemptions.

[IOIOIO]

http://www.leginfo.ca.gov/cgi-bin/ca...ebody=&hits=20

Section 703 and 704 of the California Code of Civil Procedure. About halfway down that page, titled Chapter 4: Exemptions.

The post you replied to says that the Nolo book says "California’s exemption amounts are no longer updated in the statutes themselves. California Code of Civil Procedure section 740.150 deputized the California Judicial Council to update the exemption amounts every three years." So why did you provide a link to the statutes themselves, which we know are outdated?

That's why I said the Nolo book followed up with "The current exemption amounts can be found on the California Judicial Council website, www.courtinfo.ca.gov/forms/exemptions.htm". If you can find the current exemption amounts at the California Judicial Council website you deserve a medal, but I don't know why you would merely recite the outdated statutes themselves.