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California’s New Exemptions For Money In The Bank

By Cathy Moran

california cash exemptions\

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 […]

Filed Under: Strictly California Tagged With: California, exemptions

California Gets New Homestead

By Cathy Moran

California homestead

The California Legislature enacted a dramatic increase to the state’s homestead law at the very end of the legislative session in August. It became effective January 1, 2021. The dollar amount of the homestead increased to a minimum of $300,000 and a maximum of $600,000. Gone is the link between marital status or dependents. Every […]

Filed Under: Featured Tagged With: exemptions, homestead

California Homestead Works In Other States, Too

By Cathy Moran

California homestead

California homestead law drives bankruptcy exemptions even for those who no longer live in California. Strange, when the homestead statute was state law originally written for Californians. Two things have expanded its reach:  bankruptcy “reform” and the concept of extraterritoriality. The third driver, of course, is mobility:  we seem much more likely these days to […]

Filed Under: How bankruptcy works Tagged With: 2019, exemptions

How Much Cash Can You Keep In Bankruptcy?

By Cathy Moran

coins in a stack

How much money can you keep when you file bankruptcy? It’s not as though you won’t have living expenses after you file bankruptcy. You need to know how you’ll manage and what you’ll have to manage with. Funding that fresh start is what exemptions are all about. We are talking here about California because exemptions, […]

Filed Under: Strictly California Tagged With: exemptions

New California Bankruptcy Exemptions

By Cathy Moran

california exemptions

Californians filing bankruptcy got an increase in the exemptions that protect their assets on April 1, 2019. New: exemptions for money in the bank added in 20202 Every three years, the dollar amounts are adjusted for changes in the cost of living. Californians don’t get to protect possessions under the Bankruptcy Code’s exemptions.  Instead, a […]

Filed Under: Strictly California Tagged With: 2019, exemptions

Double Dipping On Retirement Savings

By Cathy Moran

double dip retirement

Any time you can double your savings and protect your money from creditors is a good time of the year. The period between New Years and Tax Day is my favorite time of the year, just for that reason. You can make contributions to your IRA last year AND contribute to this year’s IRA allowance. […]

Filed Under: Featured Tagged With: 2018, exemptions, retirement, tax

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About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

How Chapter 13 Cuts Car Loan Down To Size

Car lenders who make new car loans with an underwater trade-in will face the music in Chapter 13. The Supreme Court declined to review a 9th Circuit decision that stripped car loans of their protected specially protected status in bankruptcy; as a result, Californians will continue to benefit from the … Read more

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