Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

Free - 2010 Bankruptcy Strategies Explained

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California Bankruptcy Laws - Homestead Exemption Value

CONSTITUTION, Article 20, Section 1.5, "The Legislature shall protect, by law, from forced sale a certain portion of the homestead and other property of all heads of families." This requirement is set forth in Code of Civil Procedure §703.140(b)(1) "The debtor's aggregate interest, not to exceed seventeen thousand four hundred twenty-five dollars ($17,425) in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor."

Operation of California Bankruptcy Laws

Value is determined based upon the fair market price, less amounts owed. "Fair market" is not a retail value expected by professional sellers or advertisers. Likewise, forced liquidation values are not representative of a fair market. The value of property is an estimate of an agreement reached between a willing buyer and a willing seller under current market conditions. Creditors may file objections to the calculation of equity which may be subject to disbursement.

See also, Federal Exemptions

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