Real Estate/Development,
Government,
Bankruptcy
Dec. 7, 2020
New law may help bankrupt homeowners rebuild financial standing after Jan. 1
AB 1885 came together in just a few days in late August, near the end of the legislative year, and it will increase the so-called “homestead exemption” from between $75,000 and $175,000 to between $300,000 and $600,000.
Personal bankruptcy filings are expected to jump in California after Jan. 1, according to attorneys and judges in the field. But from a debtor’s perspective, the reasons aren’t all negative.
A new state law will allow homeowners to protect more of the value of their home from creditors. AB 1885 came together in just a few days in late August, near the end of the legislative year.
It will increase th...
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