From the Editor - Property of Estate and Exemptions • NACTT Academy

From the Editor – Property of Estate and Exemptions

By The Honorable William Houston Brown (Retired)

Waiver of state exemptions. Under California’s opt out and exemption laws, debtors in bankruptcy have a choice of state exemption schemes—one only for those filing bankruptcy and the regular exemptions. The regular exemptions have a more generous homestead, while the bankruptcy exemptions have a smaller homestead but more generous wildcard. Each joint debtor must execute a waiver of the regular exemptions in order to use the special bankruptcy-only exemptions, and absent waiver, the regular exemptions apply by default. When one joint debtor executed a waiver but . . .

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