Individuals keep almost everything in bankruptcy. In more than 98% of California cases, the Debtor retains all “free and clear” assets. Exemptions (your ability to keep valuable property) provided to qualifying California residents are quite generous and usually cover and protect all assets and equities.
California has completely “opted out” of the federal exemption plan and enacted two alternative plans for its residents. With careful planning, oftentimes assets can be reorganized and transmuted to protect even “vulnerable” assets. You have an obligation to your family and yourself to take maximum advantage of the “fresh start” promised by the Bankruptcy code.
Please seek competent counsel to determine which exemptions best fit your situation and to assure that you fully comply with the Bankruptcy law.
The California Homeowners Bill of Rights, effective 1/1/2013, is turning the state into a judicial foreclosure jurisdiction. The bill authorized fines of up to $50,000 against lenders and trustees for “wrongful” foreclosures.
The bill also gives homeowners the right to sue for damages and for recovery of attorney fees. I’ll post more on this topic in the coming weeks, and why this “sea change” adds to the instability of the California real estate market, creating peril and opportunity alike
BottomLine Lawyers helps taxpayers who have found themselves unable to meet their tax burden. Recently we came across an article that provides a different, global perspective on US tax policy. You can read it here.
The authors of the piece, Citizens for Tax Justice, reach these sometimes surprising conclusions:
1. Virtually all Americans, including the poorest Americans, pay taxes.
2. America is NOT overtaxed.
3. Wealthy Americans are NOT overtaxed.
4. U.S. corporations are Undertaxed.
5. Tax cuts for the rich do not help our economy.
6. Your Tax Bracket is Not Your Effective Tax Rate
Food for thought, indeed.