time years often between bankruptcy

Definitive Guide on How Often You Can Do Bankruptcy & Years to Wait

Definitive Guide on How Often You Can Do Bankruptcy & Years to Wait

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.

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steps to filing bankruptcy in California

Essential 11 Steps to Filing Bankruptcy in California

Essential 11 Steps to Filing Bankruptcy in California

Step-by-Step Guide for filing bankruptcy in California, from a trusted Los Angeles bankruptcy lawyer

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.

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reset the 1215 days for the homestead

Can a Home Transfer to a Trust in 1215 days Blow the Homestead?

Transfer but Keeping Equitable Interest, 1215 days, and Homestead

A look whether a refinance or transfer to a LLC, will, or trust restarts the 1,215 days for a homestead exemption 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.

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unvested stock options subject to liquidation in Chapter 7 bankruptcy

Keeping Stock Options in Bankruptcy Depends on This Key Factor

Keeping Stock Options in Bankruptcy Depends on This Key Factor

Are Unvested Stock Options subject to a Chapter 7 Bankruptcy liquidation? Ninth Circuit case law clarifies.

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.

Stock Options and Property of the Estate

Stocks and the Bankruptcy Code: Section 541

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.”

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duplex apartment outhouses and homestead exemption house with knife

Duplex, ADUs, Apartments, Buildings and Calif Homestead Exemption

Duplex, ADUs, Apartments, Buildings and California Homestead Exemption

Does the California Homestead protect a separate dwelling unit?

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.

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Fighting over home appreciation in a converted bankruptcy

9th Cir: Here’s who gets Asset Appreciation in Converted Bankruptcy

9th Cir: Here’s who gets Asset Appreciation in Converted Bankruptcy

Ninth Circuit rules home appreciation which accrued between Chapter 13 confirmation and conversion to Chapter 7 can be administered to repay debts, creating split from 10th Circuit

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.

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California wildcard exemption amount for bankruptcy, showing jokers, which are often wild cards

New California Wildcard Exemption: the Ultimate Guide (2023)

New California Wildcard Exemption: the Ultimate Guide (2023)

What to know about California Wild Card Exemption and the Current Amount

California wildcard exemption is big for bankruptcy lawyers protecting their clients’ assets. Here’s the ultimate guide on the new updated California wild card exemption amount, and how to figure it.

California Exemptions, generally

In bankruptcy, each state has their own exemptions, or ways they allow debtors to protect some or all of their property. California has opted out of the federal exemptions, and has it’s own passed by our legislature. This is where the California wild card exemption fits in.

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Bankruptcy conversion can lead to losing an asset for bad faith

Converting a Bankruptcy and Bad Faith

Converting a Bankruptcy and Bad Faith

Bankruptcy Conversion to Chapter 7 Could Risk a Postpetition Asset if Debtor Acted in Bad Faith

Summary

In Pancic v Lokan (In re Lokan), BAP No. OR-22-1249-CLB, Bk. No. 6:20-bk-62593-TMR (9th Cir. BAP 6/14/2023)(unpublished opinion), the Bankruptcy Appellate Panel for the Ninth Circuit (“BAP”) held that the chapter 13 debtors converted their case to Chapter 7 in good faith and therefore a post-petition inheritance was not property of the chapter 7 estate.

Facts

Stephen and Brenda Lokan filed a Chapter 13 bankruptcy in Oregon on November 23, 2020 with unsecured claims of approximately $100,000.  Their plan was confirmed with plan payments of $150 per month giving unsecured creditors about 10% of their claims.

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California bankruptcy exemptions can save your house.

New! 2024 California Homestead Exemption Increased by Inflation

2024 California Homestead Exemption, increased by inflation

Brand new! The maximum 2024 California Homestead Exemption amounts

The 2024 California homestead exemption numbers are already available, and different from last year, and even the original range of $300,000 to $600,000. In fact, in 2024, they top out way higher than $600,000, which helps you save more of your home from creditors than the homestead exemption could in 2023. Why? Because of inflation. The new California homestead exemption is tied to the CPI, or consumer price index.  And everyone knows things lately aren’t cheap.

November 2023 update: The new inflation-adjusted 2024 California homestead exemption is now known. See below what it will be for cases filed after Jan 1, 2024. Don’t worry – the 2023 homestead exemption amount is still here for cases filed before on Dec 31, 2023 or earlier.

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Figuring the Los Angeles Country median home price size is like trying to calculate the median coin weight when all we have is data about stack size

How to Figure the Los Angeles County Median Home Price (2023)

How to Figure Los Angeles County Median Home Price (2023 & 2024)

The Los Angeles County median home price in 2023 can be tricky to determine. There are different sources that say different things. It’s not clear which of the many options will be relied upon by courts and trustees for the California homestead exemption.  Also, while bankruptcy may seem to be “just forms,” make sure you check out my list of 12 crucial tips to do or avoid before filing bankruptcy.

2023 update: there seems to be a consensus among local bankruptcy attorneys as to what the Los Angeles County median home price is. More than that, this L.A. median price changes each year. While it’s still untested in court, a lot of the initial uncertainty has cleared up.  Read on!

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