General

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 …

California Passed AB 1885 to Increase Its Homestead Exemption Read More »

If debt is growing and you always find yourself falling short every month, it may be time to search out debt relief. A big part of selecting the best path to get rid of your debt is to know when it’s time to ask for help. Debt consolidation and debt settlement programs are both great …

When Is The Time To Ask For Financial Help. Read More »

Creditors cannot access savings held in a 401k, 403(b), IRAs, Keoghs, profit sharing plans or money purchase plans.  However, the IRS can access these funds for a federal tax levy.  Also, assets in these plans can be given to an ex-spouse to satisfy a domestic relations order. In a traditional IRA or Roth IRA up …

Are my retirement savings safe in a bankruptcy? Read More »

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 …

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