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Homestead: $150,000
I don't see the "if single" language in my 2007 Desktop California Civil
Practice Statutes and Rules (annotated) by Thomson/West. (verfied here)
http://www.leginfo.ca.gov/calaw.html This could be a technicality, but
cases are won and lost on such trivialities.
Regardless, I understand your point, and so yes, I'm trying to be as
creative as necessary in reviewing my client's options. I think your
strategy makes a lot of sense, and probably a lot less time and energy in
the end. Thanks, Dennis.
Dennis McGoldrick
Sent: Friday, February 08, 2008 2:16 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Homestead: $150,000
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.
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.
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:
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
Message
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*
The post was migrated from Yahoo.