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730 Day Rule - Exemptions and Means Test (majority debt b=
Are the majority of her debts business debts? Then she would not need to worry about the means test.
Law Office of Catherine Christiansen
17011 Beach Blvd. Ste 900, Huntington Beach, CA 92647
Tel: (714) 375-6651 Fax: (562) 490-8572
attorneychristiansen@gmail.com
________________________________
To: cdcbaa@yahoogroups.com
Sent: Tuesday, June 18, 2013 1:10 PM
Subject: [cdcbaa] 730 Day Rule - Exemptions and Means Test (majority debt business related)
Dear Listmates:
I have a client who has only resided in California since January. She came here for the purpose of starting a business that involved remodeling residential property in high risk area in conjunction with a grant to run low-cost housing, The state decided not to provide grants and she was left with a property with a large construction loan. The bank is going after her on the note. As a result the far majority of her debt stems from this business venture.
Under 730 day rule I believe she must use New Jersey exemptions, where she lives and owns some property before coming to California. I am also under the impression that she still must use California Means test since she is employed here.
The question is whether she can avoid the California Means Test ( since she makes too much money) because the majority of her debt is business related (above), though she is using NJ exemptions.
Thanks,
Stephen Stern, Esq.
Law Office of Stephen M. Stern, PC
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