(a) Subject to subdivision (b), the determination whether property is exempt shall be made under the circumstances existing at the earliest of the following times:
(1) The time of levy on the property.
(2) The time of the commencement of court proceedings for the application of the property to the satisfaction of the money judgment.
(3) The time a lien is created under Title 6.5 (commencing with Section 481.010) (attachment) or under this title.
(b) The court, in its discretion, may take into consideration any of the following changes that have occurred between the time of levy or commencement of enforcement proceedings or creation of the lien and the time of the hearing:
(1) A change in the use of the property if the exemption is based upon the use of property and if the property was used for the exempt purpose at the time of the levy or the commencement of enforcement proceedings or the creation of the lien but is used for a nonexempt purpose at the time of the hearing.
(2) A change in the value of the property if the exemption is based upon the value of property.
(3) A change in the financial circumstances of the judgment debtor and spouse and dependents of the judgment debtor if the exemption is based upon their needs.