Funky California & the Domicile Requirements

[djarum11]

no, it's not a new band, just another BK question

I'm getting my paperwork together to file Ch7 pro se in Northern California. I am trying to keep my abundance of computer & musical equipment that is both personal property and tools of my trade (I am a self-employed commercial musician & graphic designer). However I am not clear on which exemptions I can use.

Exactly 1 year ago, I moved to California after an 8-year stint in New York City. After a ton of research I am still trying to figure out if there is some way that I can use the California exemptions, which are MUCH kinder to personal property than NY.


The facts:
-Since I've lived less than 2 years in CA, I probably have to use NY exemptions.

-Neither state allows use of the federal exemptions.

-But, according to the NoLo 2009 book, p.151: "If you are living in a state that offers the federal exemption system, but you haven't been there long enough to meet the 2-year residency requirement, you can choose the federal system."

In the spirit of this law, since CA has 2 exemptions systems (kind of like a state and a federal) might they allow me to use the CA sytem?

Can anyone speak from experience of having moved to Cali?
Thanks in advance.

[djarum11]

summary of above

Sorry all, i was being a little obtuse up there ^^^ My main concern now, and this might help clarify things for others taking New York exemptions, is:

As a professional musician and graphic designer, i have equipment that exceeds the (ridiculously low) NY $600 limit for Tools of Trade. There is no NY wildcard, and no opportunity to use federal exemptions. Under Personal Property I can list a basic home stereo & TV etc. but there seems to be no placed for a $2000 guitar, $2000 studio monitors, $2000 computer etc.

It does not seem fair to give up the very gear that i use to make my living. How am i going to do digital design work with $600 worth of gear?

Any thoughts are appreciated, thanks.

[DeadManCrawling]

You are overvaluing your gear. I know this from personal experience, since I work in a field that is VERY closely related to yours.

The day you bought that $2000 computer it dropped in value by at least 50% and has declined in pretty much a straight line downward. A 2k computer (or studio monitors) is worth next to nothing within a few months of purchase. You can verify this by checking craigs lists, ebay or the newspaper.

I would value it as a lump sum under electronics and list it for a few hundred dollars. Check with attorney first of course, but this seems to be a pretty common mistake (overvaluing nearly worthless gear). Of course, it seems to have greater value to you (and me) when we make a living from it, but it really isn't worth much to an outsider.

[djarum11]

thanks deadman, i was starting to think the same thing, and did a reevaluation.. plus, i forgot that i sold some of that gear recently too..

in any case i still think the NY exemptions are too low. how am i supposed to start a new life with $10,000 homestead, $2500 cash, and $600 worth of tools.

best wishes to all going through this 'interesting' process.

[SPalin]

My attorney advised me to price my household goods/tools of the trade at a price that I could get for them at a Garage sale!

[AngelinaCat]

Yes, use the yard sale prices. Then if YOU wouldn't buy it at that price, lower it. If you haven't been to a yard sale or thrift store, go and check out the prices for similar items. Also go to used furniture and appliance stores.

You can categorize items too, such as "Assorted cooking utensils". No one cares how many meat forks, knives, cleavers or spatulas you have. Same with 'Assorted pots and pans'......