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CCP 704.730 (c) Homestead Exemption
See - Goldman v. Salisbury (In re Goldman), 70 F.3d 1028 (Ninth Circuit,
1995).
> "The plain, ordinary meaning of "annual income" is income over a calendar
year."
Thus, if you file a case in June 2010, the case can be held for the next 6
months to wait and see whether debtor's income goes over. It's not the last
12 months.
Hale
Matt Resnik
Sent: Tuesday, June 22, 2010 4:11 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] CCP 704.730 (c) Homestead Exemption
Client comes in who is 59 years old, is currently unemployed and has not
made more than $5000 in the past 12 months (total). She can be hired by her
son and save the home. The house has about 120k in equity.
When determining the exemption amount, are we looking forward (ie If Debtor
gets a job post filing the exemption changes) or does the language look only
at the past year.
"(C) A person 55 years of age or older with a gross annual income of not
more than fifteen thousand dollars ($15,000) or, if the judgment debtor is
married, a gross annual income, including the gross annual income of the
judgment debtor's spouse, of not more than twenty thousand dollars ($20,000)
and the sale is an involuntary sale. "
Anyone have experience with this type of fact pattern?
Thanks,
Matt
*****PLEASE NOTE - WE HAVE A NEW DOWNTOWN ADDRESS*****
Matthew D. Resnik
Attorney at Law
Los Angeles Office - Downtown
Simon and Resnik LLP
510 W. Sixth Street
Suite 1220
Los Angeles, Ca 90014
T:213-572-0800
F: 213-572-0860
Matt@resniklaw.com
www.simonresnik.com
San Fernando Valley - Sherman Oaks
Simon & Resnik, LLP
15233 Ventura Boulevard
Suite 300
Sherman Oaks, CA 91403
P: 818-783-6251 #2
F: 818-827-4919
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The post was migrated from Yahoo.
Client comes in who is 59 years old, is currently unemployed and has not made more than $5000 in the past 12 months (total). She can be hired by her son and save the home. The house has about 120k in equity.
When determining the exemption amount, are we looking forward (ie If Debtor gets a job post filing the exemption changes) or does the language look only at the past year.
"(C) A person 55 years of age or older with a gross annual income of not more than fifteen thousand dollars ($15,000) or, if the judgment debtor is married, a gross annual income, including the gross annual income of the judgment debtor's spouse, of not more than twenty thousand dollars ($20,000) and the sale is an involuntary sale. "
Anyone have experience with this type of fact pattern?
Thanks,
Matt
*****PLEASE NOTE - WE HAVE A NEW DOWNTOWN ADDRESS*****
Matthew D. Resnik
Attorney at Law
Los Angeles Office - Downtown
Simon and Resnik LLP
510 W. Sixth Street
Suite 1220
Los Angeles, Ca 90014
T:213-572-0800
F: 213-572-0860
Matt@resniklaw.com
www.simonresnik.com
San Fernando Valley - Sherman Oaks
Simon & Resnik, LLP
15233 Ventura Boulevard
Suite 300
Sherman Oaks, CA 91403
P: 818-783-6251 #2
F: 818-827-4919
The post was migrated from Yahoo.