California law, effective January 1, 2023, will assure those who file bankruptcy that they can keep their car as long as they stay current on payments. No longer does a debtor have to give up their discharge as to the car lender to be sure of keeping the car. The same bill, SB 1099, increases […]
Do You Get The Bankruptcy Grubstake Exemption?
The word grubstake never appears in the Bankruptcy Code or the California Code of Civil Procedure where the exemptions available in bankruptcy cases filed in California are found. Yet every bankruptcy lawyer uses the phrase; and seemingly, every bankruptcy debtor struggles to understand it. What’s a bankruptcy grubstake Here’s the standard English definition of grubstake. […]
7 Principles of California Community Property
Baffled by California community property? Think it makes you personally liable for the debts of your spouse? Lots of people do. But it doesn’t. California has been a community property state since it became a state in 1850. You would think we’d have gotten the hang of it long ago. But the community property system […]
Can You Be Sued After The Foreclosure
Foreclosure is traumatic enought without worrying whether lenders can sue you after foreclosure. Breathe deeply. California has laws that limit what a mortgage lender can do to collect its money after the foreclosure. One addresses the rights of the creditor who conducted the foreclosure sale. The other borrower protection looks at what the loan was […]
Title Isn’t Everything: Watch Out For The Assets In Your Spouse’s Name
Your spouse’s assets can get swept up in your bankruptcy when you live in California. Because, most likely, just holding an asset in the name of one spouse doesn’t defeat the community property presumption. I saw it play out in a first meeting of creditors when the bankruptcy trustee asked about an asset. But it’s […]
When Your Bank Account Is Seized: California Action Plan
Time is short when you get a notice that a creditor has levied your bank account. California has protections that may allow you to recover money that’s been seized. But success in getting your money back depends on prompt action and following the procedures. Bank levy basics A creditor with a judgment is entitled to […]
Bankruptcy Means Test: New Numbers, Little Impact For Bay Area
The bankruptcy means test numbers for California are out, showing median incomes moving in both directions, depending on family size. In the Bay Area, the means test income levels, coupled with the cost of housing, don’t keep many people out of the bankruptcy chapter of their choice. More. Why the means test matters The median […]
California’s New Exemptions For Money In The Bank
California has finally created a state law exemption for cash in the bank. Californians filing bankruptcy no longer face loss of all the funds in their bank accounts when they choose California’s generous homestead, thanks to changes in exemption law. Two exemption statutes , new in 2020 , provide protection for cash in the bank […]
Danger In Delaying Division of Property In CA Divorce
Delay dividing property in your California divorce and a bankruptcy filing may cost you any shred of control over the division. All it takes is for your ex-spouse to file bankruptcy, and all the assets and the debts of the marriage become entangled in a bankruptcy case. Understand California community property That’s because your assets […]
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