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MANY MORE CALIFORNIANS WILL BE ABLE TO FILE FOR BANKRUPTCY

Effective Friday, Jan. 1, 2021, Assembly Bill 1885 increases the amount of home equity protected against creditors, likely preventing more owners from losing their homes in bankruptcy.

The new homestead protection starts at a floor of $300,000 and caps at $600,000. The previous homestead exemption ranged from $75,000 for singles, $100,000 for a married couple and $175,000 for seniors and the disabled.

The law, which bases the exemption on a county’s annual median price for single-family homes, does not cite the data source that will determine the baseline. Beginning in January 2022, the exemption will adjust for inflation based on changes in California’s Consumer Price Index.

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When personal financial problems come up, many concerns arise. This site is designed to answer your questions. If you do not find an answer to your particular issue, we can answer all of your questions, either by e-mail or at a consultation with an experienced bankruptcy attorney.

Look through this site for answers to your bankruptcy questions. There is also valuable information on your rights as a creditor. Just go to our Bankruptcy Questions and Answers.

We provide accurate information so you can make an informed choice regarding your financial future.

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The Law Offices of Lauren Ross
2550 N. Hollywood Way - Suite 404
Burbank, CA 91505-5046
(818) 847-0211
lauren@bankrupt-law.com
California State Bar No. 106225
Nevada State Bar No. 5111
The Law Office of Lauren Ross is a federally designated debt relief agency pursuant to Title 11 of the US Code and provides legal assistance to consumers seeking relief under the Bankruptcy Code.
THE INFORMATION CONTAINED IN THIS WEB SITE AND ALL RELATED SITES IS GENERAL LEGAL INFORMATION ONLY. IT IS NOT INTENDED NOR SHOULD IT BE USED AS SPECIFIC LEGAL ADVICE ON A PARTICULAR ISSUE OR FOR A PARTICULAR PERSON OR PURPOSE. IF YOU ARE SEEKING LEGAL ADVICE FOR A SPECIFIC SITUATION, YOU SHOULD SEEK THE ADVICE OF AN ATTORNEY QUALIFIED IN THE LEGAL AREA IN WHICH YOU NEED ADVICE. THE EXEMPTIONS DESCRIBED IN THIS COMMUNICATION ARE SPECIFIC TO CALIFORNIA RESIDENTS ONLY AND DO NOT APPLY IN OTHER STATES. THIS SITE ONLY CONTAINS GENERAL INFORMATION ON BANKRUPTCY, CHAPTER 7, CHAPTER 13, DEBT RELIEF, AND INSOLVENCY. BANKRUPTCY LAWS ARE SPECIFIC TO EACH STATE. THIS SITE IS OPERATED IN LOS ANGELES, CALIFORNIA AND THE AREA OF PRACTICE IS CALIFORNIA BANKRUPTCY.