There are many difference, but the main difference is the amount of the homestead exemption in 704 (ranging from $75,000-$175,000 presently; and the wildcard exemption in the 703 series which allows you to take an exemption in ANY asset or assets up to approximately $21,000.

Attorney Markus is correct - one favors equity in a home, the other equity in assets that are not otherwise exempt, and therefore require the use of a "wildcard" exemption which is presently $23,250. If you are looking at these exemptions for purposes of exemption planning in bankruptcy, do be aware that bankruptcy case law has in many cases altered or limited the scope of what might be protected under the State statutes. Be very, very careful. Best to pay for the assistance of someone who has substantial experience in the field.

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If you have more than $100,000 of equity in your home, you're going to want to file Chapter 13 (unless you are over 65). But problems can arise with cash and vehicles worth more than $5,000 if you don't have that wildcard available.