If you need to file a Chapter 7 bankruptcy, give us a call.
“I don't usually give unsolicited general advice on bankruptcy but this is an exception. Your retirement is safe in bankruptcy, any chapter, any state. Specifically IRAs and 401(k)s cannot be seized by the trustee. As always there are a couple of very narrow exceptions, such as inherited IRAs and potentially IRAs received in a divorce. But I think it is crazy to use your IRA or 401(k) to pay your debts during this time if bankruptcy will wipe those debts out. Unsecured debt goes away instantaneously in chapter 7. The creditors typically just want the case number and they write it off.
Secondly the homestead exemption in California has been increased to at least $300,000 and as much as $600,000 - beginning January 1, 2021. This means that if the equity in your home is less than that amount, the trustee will ignore your home. You keep it. So it's just as crazy to borrow money against your home to pay unsecured debt. The loans that attach to your home will not go away in bankruptcy.
If you don't own a home, you can use the wildcard exemption to exempt property worth up to $30,000. In California almost everything you own in your home is exempt anyway, without using the wildcard. If something isn't exempt anyway, such as the equity in your car, you can exempt it up to $30,000 in value using the wildcard.
Literally 97% of chapter 7 bankruptcy cases are "no asset." That means there is nothing for the trustee to sell or even to do really. The case ends quickly and your unsecured debt is gone. It is a bunch of paperwork. Don't be afraid of it. Don't do it yourself! There are exceptions to everything.”
MSN.COM
‘A Waiting Game’: Coronavirus Shutdowns Cause Unprecedented Backlog In Divorce, Family Law Cases
To all the Fathers out there, we wish you a very happy Father’s Day.
Today, our thoughts are with our fellow Americans who paid the ultimate price for our freedom. Thank you for your sacrifice and know that it has not been in vain.
Thank you for our selection. We are here to help.
EXPERTISE.COM
18 Best Ventura Divorce Attorneys | Expertise
We are happy to announce that Christina Wilson has joined the Zahn Law Offices, APC as an associate attorney. She will be handling family law matters exclusively at this time. Please join us in welcoming Ms. Wilson to the team. She can be reached at 805-351-3712 or christina@zahnlaw.net
If you don't already have your estate plan prepared, or if you are looking to change one you already have, please contact us for a free consultation today.
USATODAY.COM
Story from Southern California Attorneys: Why estate planning is more important now than it has been in recent years
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