Central District Consumer Bankruptcy Attorney's Association

I would agree with David. Although Dennis is correct in his strategy,
if challenged, the issue of when they paid you a visit may become an
issue. You will have an issue of past year's tax returns, etc. And,
on one income, wouldn't there be an issue of paying the mortgage each
month? The $150K exemption requires proof of an inability to be
gainfully employed, as one of the alternatives, as well as a
disability. And, so, I ask my clients for any evidence of either of
those options.
Lou
>
> My 2 cents is that you are out of luck. He's married so the first prong
> does not apply.
>
>
> David A. Tilem
> Certified Bankruptcy Specialist*
> Law Offices of David A. Tilem (a debt relief agency)
> 206 N. Jackson Street, #201, Glendale, CA 91206
> Tel: 818-507-6000 Fax: 818-507-6800
>
> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
> Specialization.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
Behalf Of
> Hale Andrew Antico, Esq.
> Sent: Friday, February 08, 2008 12:04 PM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Homestead: $150,000
>
>
>
> Law: CCP 704.730(a)(3)(C) provides that we can exempt $150,000 of
equity in
> real property where the debtor lives. However, I'm not clear whether my
> debtor qualifies. The way I read it, it's:
>
> --> 55 or older AND gross annual income of less than $15,000
> OR
> --> if married, gross annual income (including spouse) of less than
$20,000
> AND it's an involuntary sale
>
> Facts: My client is married but filing solo. Debtor is over 55,
married,
> and has earned less than $15,000 the past year. Considering non-filing
> spouse, income is over $20,000.
>
> Issue: Can debtor choose the $15,000 clause above since wife is not
part of
> this? Or MUST he count her and go over with her $20,000 as a teacher's
> assistant?
>
> And yes, the $150,000 exemption helps him, but only $75,000 would
cause, um,
> problems.
> Hale
>

The post was migrated from Yahoo.

Hale:
the statue says 15K income, if single, "or" if the
debtor is married, "a gross annual income, including
the gross annual income of the judgment debtor's
spouse, of not more than" 20K.
Since the statute gives two amounts, one if single and
one if married, including the nondebtor's income, you
cannot use only the income of the debtor.
If the spouse earns so little. It would be cheaper
for the spouse to quit the low paying job than to take
the lower homestead.
In these cases I recommend the low salary earner quit,
wait a year and file for the higher number. Of
course, the debts will be 30% more, so you could be
asking for UST problems.
dennis
wrote:
> Law: CCP 704.730(a)(3)(C) provides that we can
> exempt $150,000 of equity in
> real property where the debtor lives. However, I'm
> not clear whether my
> debtor qualifies. The way I read it, it's:
>
> --> 55 or older AND gross annual income of less than
> $15,000
> OR
> --> if married, gross annual income (including
> spouse) of less than $20,000
> AND it's an involuntary sale
>
> Facts: My client is married but filing solo. Debtor
> is over 55, married,
> and has earned less than $15,000 the past year.
> Considering non-filing
> spouse, income is over $20,000.
>
> Issue: Can debtor choose the $15,000 clause above
> since wife is not part of
> this? Or MUST he count her and go over with her
> $20,000 as a teacher's
> assistant?
>
> And yes, the $150,000 exemption helps him, but only
> $75,000 would cause, um,
> problems.
> Hale
>
>
>
>

The post was migrated from Yahoo.

I'd wait a few more months and check comps again (the 75K exemption
may suffice). J
Seriously, if that doesn't work, 704.730(a)(3)(C) only refers to a
debtor being married and I think it would be a stretch to not include
income of a spouse that files a separate return primarily b/c it's
still community income.
Raj T. Wadhwani
Wadhwani Law Firm, APLC
15233 Ventura Blvd., Suite 1120
Sherman Oaks, CA 91403
Phone: (818) 784-0500
Fax: (818) 784-0508
raj@wadhwanilaw.com
wrote:
>
> Law: CCP 704.730(a)(3)(C) provides that we can exempt $150,000 of
equity in
> real property where the debtor lives. However, I'm not clear whether
my
> debtor qualifies. The way I read it, it's:
>
> --> 55 or older AND gross annual income of less than $15,000
> OR
> --> if married, gross annual income (including spouse) of less than
$20,000
> AND it's an involuntary sale
>
> Facts: My client is married but filing solo. Debtor is over 55,
married,
> and has earned less than $15,000 the past year. Considering non-filing
> spouse, income is over $20,000.
>
> Issue: Can debtor choose the $15,000 clause above since wife is not
part of
> this? Or MUST he count her and go over with her $20,000 as a teacher's
> assistant?
>
> And yes, the $150,000 exemption helps him, but only $75,000 would
cause, um,
> problems.
> Hale
>
I'd wait a few more months and check comps again (the 75K exemption may suffice). J

Seriously, if that doesn't work, 704.730(a)(3)(C) only refers to a debtor being married and I think it would be a stretch to not include income of a spouse that files a separate return primarily b/c it's still community income.

Raj T. Wadhwani
Wadhwani Law Firm, APLC
15233 Ventura Blvd., Suite 1120
Sherman Oaks, CA 91403
Phone: (818) 784-0500
Fax: (818) 784-0508
raj@wadhwanilaw.com--- In cdcbaa@yahoogroups.com, "Hale Andrew Antico, Esq." <bk.lawyer@...> wrote:>> Law: CCP 704.730(a)(3)(C) provides that we can exempt $150,000 of equity in> real property where the debtor lives. However, I'm not clear whether my> debtor qualifies. The way I read it, it's: > > --> 55 or older AND gross annual income of less than $15,000> OR> --> if married, gross annual income (including spouse) of less than $20,000> AND it's an involuntary sale> > Facts: My client is married but filing solo. Debtor is over 55, married,> and has earned less than $15,000 the past year. Considering non-filing> spouse, income is over $20,000. > > Issue: Can debtor choose the $15,000 clause above since wife is not part of> this? Or MUST he count her and go over with her $20,000 as a teacher's> assistant? > > And yes, the $150,000 exemption helps him, but only $75,000 would cause, um,> problems.> Hale>

The post was migrated from Yahoo.

charset="US-ASCII"
Law: CCP 704.730(a)(3)(C) provides that we can exempt $150,000 of equity in
real property where the debtor lives. However, I'm not clear whether my
debtor qualifies. The way I read it, it's:

OR
AND it's an involuntary sale

Facts: My client is married but filing solo. Debtor is over 55, married,
and has earned less than $15,000 the past year. Considering non-filing
spouse, income is over $20,000.

Issue: Can debtor choose the $15,000 clause above since wife is not part of
this? Or MUST he count her and go over with her $20,000 as a teacher's
assistant?

And yes, the $150,000 exemption helps him, but only $75,000 would cause, um,
problems.
Hale
charset="US-ASCII"
Law:
CCP 704.730(a)(3)(C) provides that we can exempt $150,000 of equity in
real property where the debtor lives. However, I'm not clear whether my
debtor qualifies. The way I read it, it's:

--> 55 or older
AND gross annual income of less than $15,000
OR
--> if married,
gross annual income (including spouse) of less than $20,000 AND it's an
involuntary sale

Facts: My client is married but filing
solo. Debtor is over 55, married, and has earned less than $15,000 the
past year. Considering non-filing spouse, income is over $20,000.

Issue: Can debtor choose the $15,000
clause above since wife is not part of this? Or MUST he count her and go
over with her $20,000 as a teacher's assistant?

And yes, the
$150,000 exemption helps him, but only $75,000 would cause, um,
problems.
Hale




The post was migrated from Yahoo.