Inherited IRA Retirement Account Could Be Exempt From Bankruptcy

Many people fear losing everything they own if they pursue bankruptcy, but that is not the case. As just one example, federal law generally provides for the exemption of retirement funds from bankruptcy proceedings, if the funds meet the applicable requirements under the law. This exemption may apply even if those retirement funds were inherited from a parent, as demonstrated when the United States Bankruptcy Court discussed the issue in the Chapter 7 bankruptcy case of In re Trawick. A retirement account ...

09 June

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California Senate Bill SB-308 Increases Bankruptcy Exemptions

Posted by Brian Barta

in Bankruptcy Law

Bankruptcy Exemptions For Your Home On May 22, 2015 the California Senate passed a great new bill that would help Californians who file for bankruptcy protect more property, specifically equity in their homes and vehicles. Currently, a person filing bankruptcy can protect anywhere from $100,000 up to $175,000 equity in their residence, depending on their age, marital status, and the number of people in the household. SB 308 is a bill that was strongly supported by consumer groups and advocates that substantially increased the amount of home equity that can be protected to an across-the-board $300,000 for all debtors. That means...

17 November

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California Homeowners Should Avoid Zombie Property Ownership

Posted by Brian Barta

in Bankruptcy Law, Foreclosure Law

Many California homeowners do not realize they may still be financially responsible for homes that have been foreclosed or liquidated during bankruptcy. Home foreclosures increased in California during the first quarter of 2014, with almost 20,000 default notices filed, according to KCRA News. Many homeowners who are anticipating foreclosure in Santa Rosa may believe that, if they do receive notice, all they can do is vacate the property and let the bank complete the foreclosure. Unfortunately, homeowners who do this risk being left responsible for a zombie property and all of its associated expenses. Unexpected Burdens Zombie properties are properties in foreclosure that...

bankruptcy law Tag

Inherited IRA Retirement Account Could Be Exempt From Bankruptcy

California Senate Bill SB-308 Increases Bankruptcy Exemptions

California Homeowners Should Avoid Zombie Property Ownership