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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 Homestead Exemption"
In general terms, a homestead for purposes of a California bankruptcy case is the primary residence of the debtor.
16 states allow the election of either state statutory allowances for homestead values, or the federal exemption
provided by 11 U.S.C. 522 which limits homestead values to $18,450 in equity under current amendments.
| 11 U.S.C. §522 provides, in part, "(d) The following property may be exempted under
subsection (b)(1) of this section: (1) The debtor's aggregate interest, not to exceed $15,000 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." |
The California Bankruptcy Courts adopted new statutory limits (dollar amounts) within Title 11 of the U.S.
Code. Section 109(e) - the allowable debt limit for unsecured debt is increased to $307,675. The allowable
debt limit for secured liabilities is increased to $922,975. The minimum aggregate claims need to commence an
involuntary petition under Section 303(b) is increased to $12,300. Exemptions provided by Section 522 are also
increased. The maximum value of homestead equity that may be claimed is increased to $18,450. Other exemption
increases include paragraphs (2) through (8). Luxury goods and services obtained within 60 days before filing
are nondischargeble, if exceeding the newly amended amount of $1,225. These amounts are adjusted automatically
by California bankruptcy courts every three years.
Back to California Bankruptcy words & phrases.
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