Homestead Exemption Article in SFV Bar Journal
Our own Chapter 7 Trustee Larry Simons wrote an excellent article on the Homestead exemption in the July 2014 edition of the San Fernando Valley Lawyer Magazine at page 20.
Here is the link: https://www.sfvba.org/UserFiles/File/Valley%20Lawyer/2014/VL%20July%20x(1).pdf
If the link does not work, the website is sfvba.org. and click the July 2014 issue at page number 20.
Good Job Mr. Simons on your article.
Mr. Simons writes about:
Limitations on State Homestead Exemptions
What Type of Property Qualifies as a Homestead?
California’s Homestead Exemption
Family Unit Defined
Determining Gross Income
Separate Households: How Many Homesteads?
Reinvestment of the Homestead Proceeds
Larry D. Simons is the principal of the Law Offices of Larry D. Simons in Mission Hills. He has been certified as a specialist in Bankruptcy Law by the California State Bar. He is also a member of the panel of Chapter 7 Trustees appointed to the Riverside division of the Central District of California.
This article is one in which you should put in your files and use as a resource when you need information on the California Homestead exemptions. Mr. Simons has written a well reasoned and informative primer on the subject. As home prices increase, these issues will come to the forefront more often.
During the Great Recession we did not have to worry about exempting home equity as few people had homes with equity. Now as home prices increase in the Inland Empire 20% a year, more people have equity that needs to be protected. The prudent attorney checks out the value of the Debtor’s home and does not rely on the debtor’s estimate of his home’s value. When someone walks into your office and wants to file a chapter 7 bankruptcy, I suggest you visit the website at Zillow.com to get an idea of the home’s value. If need be obtain a formal appraisal of the property to help you to protect the home under the California Exemptions.
Practice Pointer: Read Larry Simons article as it much helpful information on the homestead exemption and what a trustee sees when a debtor declares a homestead in real property. This article is a wonderful way to start your research on California Exemption law.