Bankruptcy exemptions in California are pretty generous compared to other states. In short, exemptions mean the things you get to keep after bankruptcy. California is unique in that it has two different “tracks” of exemptions, called the 703’s & 704’s, a reference to the code sections utilized in your particular case. The 704’s include the homestead exemption for homeowners and the 703’s include a “wildcard” that can be used for anything. Careful exemption planning is often crucial to the success of your case.