General

Homestead Exemption AB 1885

California Passed AB 1885 to Increase Its Homestead Exemption

On Monday, August 31, 2020, the state of California legislature passed AB 1885, to increase the California homestead exemption.  The bill will eliminate the current 3-tiered homestead exemption $75,000, $100,000, $175,000 C.C.P. Section 704.730 and replaces it with a county-based prior-year median single-family home value, with a floor of $300,000 and a ceiling of $600,000. Counties with home values between those numbers …

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Can I Withdraw Money From My Bank Accounts Before Filing for Bankruptcy?

Don’t Cash Out Savings To Hide Money When you file for bankruptcy, your creditors are entitled to receive a percentage of funds determined under bankruptcy law. For instance, priority creditors get paid first, while the majority of others take a pro rata share in any remaining amount. Am I outsmarting creditors by withdrawing from my savings account before I file for …

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