Tag Archives: California homestead exemption
How the Increased California Homestead Exemption Helps Protect Your Home in Bankruptcy
California’s law on debt collection protects homeowners by preventing creditors from reaching a portion of the equity in the debtor’s primary home. The homestead exemption, as it is known, has helped people avoid losing their homes in Chapter 7 bankruptcy. But as real estate prices climbed over the years, the exemption amount stayed low — […]
Which Set of California Bankruptcy Exemptions Are Most Favorable?
There is a common misconception that you must give up all your property in a Chapter 7 bankruptcy. In reality, filers usually can retain all or most of their assets by taking advantage of federal or state bankruptcy exemptions. In California, bankruptcy filers must use one of the state’s two different sets of exemptions. Which […]
How Does California’s Homestead Exemption Work in Chapter 7?
California debtors who own their primary residence and are considering filing for Chapter 7 bankruptcy protection can take advantage of California’s homestead exemption to shield at least part of the equity in their home from creditors. However, the exemption has limitations and restrictions. Any debtor considering filing for Chapter 7 should consult an experienced bankruptcy […]
