Information about bankruptcy, the process, and some of the basics one should to be aware of
When does community property end in California? Is it at divorce or separation, and when exactly are two spouses (or future exes) separated?
It’s usually clear when a marriage and community property begin in California. That’s when people say, “I do.” But it can be much harder to tell when it ends.
Continue reading “Separation: When Exactly Does Community Property End in Calif”
Are 401(k) contributions allowed in a bankruptcy? What about retirement loans? We all know it’s wise to save for our future, but can you contribute to retirement plan like 401k or 403b if you’re filing bankruptcy? In the Ninth Circuit, it depends.
Continue reading “401(k) Retirement Loans & Contributions in Bankruptcy: Explained”
Every now and then, courts pass down a ruling on a subject that is so practical and a decision so favorable to consumer debtors that it’s as if the heavens opened, angels sang, and cherubim hand-delivered a gift to attorneys far and wide on the wings of a unicorn. The Ninth Circuit’s In re Welsh is such a case.
On this, the ten-year anniversary of In re Welsh, 711 F.3d 1120 (9th Cir, 2013), it seems relatively few attorneys know about this ruling, and how it can benefit debtors. Or at least, far fewer bankruptcy lawyers know about this than should. Yet we all should have it tattooed on the inside of our eyelids.
So, with the goal of getting the word out there, and celebrating a decade of relative anonymity, here’s a loud and triumphant commemoration as a monument to one of the greatest debtor cases in bankruptcy jurisprudence, and all of its varied folklore.
Continue reading “Chapter 13, Social Security, & Luxury Debt: A Case you Must Know”
In bankruptcy, do inheritances go to the debts, or can the debtor keep them? Does timing matter? What about Chapter 7 vs 13? What happens when someone in a Chapter 13 bankruptcy receives an inheritance after confirmation?
It all depends on the chapter, and when the debtor got the interest. Not the money interest, but the property interest.
Let’s break it down.
How often can you file bankruptcy? How many years do you have to wait between filing bankruptcy cases? Is there a limit? It’s not straightforward, and it depends on a couple of factors. Here we take a look at how often you can file bankruptcy, and if you have to wait before filing again.
And what makes this different from all the other “how often can you file bankruptcy” websites is that we’ll include cites to the Bankruptcy Code so you can go check them out for yourself.
Let’s get started.
Continue reading “Definitive Guide on How Often You Can Do Bankruptcy & Years to Wait”
Here are 11 steps to filing bankruptcy in California. I’m Hale Andrew Antico, an established Los Angeles bankruptcy attorney, and I have helped thousands of people in Southern California get a fresh start by filing bankruptcy for the past twenty years. You really should at least meet with an attorney for a once-in-a-lifetime process with serious consequences. As an introduction to how all this works, here is a step-by-step guide to file bankruptcy in California in 2023, with 11 steps from filing to discharge.
Continue reading “Essential 11 Steps to Filing Bankruptcy in California”
The maximum California homestead exemption now protects over $600,000 of home equity. However, there are conditions for a debtor to protect this amount in a bankruptcy. One of these is that the homeowner must have acquired the interest over 1,215 days ago. Does a refinance or transfer to a will, trust, or LLC restart this crucial timer? Let’s take a look.
Continue reading “Can a Home Transfer to a Trust in 1215 days Blow the Homestead?”
Unvested stock options aren’t very common, but if someone gets compensated with contingent stocks, they can be worth a lot of money. Keeping the unvested stock options in a Chapter 7 bankruptcy liquidation, then, becomes critical.
The first place to start is determining whether stocks or stock options are property of the estate. Looking at 11 USC 541(a)(1), we see that “Except as provided in subsections (b) and (c)(2) of this section, all legal or equitable interests of the debtor in property as of the commencement of the case.”
Continue reading “Keeping Stock Options in Bankruptcy Depends on This Key Factor”
Is a duplex or apartment protected by the California homestead exemption? What about a separate building like an ADU on the same lot. Or a very large lot. It depends.
Accessory dwelling units (or ADUs) are becoming quite common in California. The question is whether the Calif homestead is broad enough to cover ADUs. The California homestead exemption lets someone in a bankruptcy protect some or all of the equity in their residence. What are the limits of this though?
Starting with a common scenario: if someone rents out a room in their home, is the unpartitioned house now subject to limited protection? What if it becomes partitioned?
The issue only gets more complicated from there. Debtors can live in a duplex or apartment building they own, but how extensive (or limited) is the asset protection of the homestead exemption in California? What about a home on a (very large) lot? Two dwellings or ADUs on a lot? Let’s take a look.
Continue reading “Duplex, ADUs, Apartments, Buildings and Calif Homestead Exemption”
It’s not uncommon for a debtor in Chapter 13 bankruptcy to need to convert to Chapter 7 if debtor has a job loss or health problems. In a rising real estate market, homes can appreciate between confirmation and conversion. To whom does the appreciation in equity belong? This is where debtors and Chapter 7 trustees fight fiercely over the home and its new equity.
Continue reading “9th Cir: Here’s who gets Asset Appreciation in Converted Bankruptcy”