California Bankruptcy Law
Tips & Advice to help you make your decision on California Bankruptcy Law
Learning about California bankruptcy law can help you decide whether filing for bankruptcy is a good solution to your debt problems. While California follows federal bankruptcy guidelines, its exemptions are different from federal regulations. In some instances, you may be able to use federal exemptions in addition to California's state exemptions when declaring bankruptcy.
California allows you to use one of two systems of exemptions. The first system allows you to take a homestead exemption of $50,000 if you are single, $75,000 as a family, or $125,000 if you are over 65. Under this system, personal property such as clothing, food, and furnishings are exempt. Up to $5,000 worth of jewelry, heirlooms, and art may also be retained under this system.
The second system allows a homestead exemption of $17,425. A motor vehicle valued at $2,775 or less is exempt under this plan. Disability, child support, and alimony are also considered exempt assets when determining your ability to repay your debts.
If you are the sole owner of a business and applying for individual bankruptcy, the business will most likely be considered an asset. However, if you are in a partnership, parts of the business will be exempt. For more information on California bankruptcy law and its applications, browse Business.com and visit the provided links.
California Bankruptcy Law Education and Training
Get the right training to work with CA bankruptcy lawsBy Emmet McMahan California bankruptcy law education and training will teach you how to resolve your clients’ debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of all the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.
The qualifications needed to provide California bankruptcy help are determined at the state level and also will be affected by the specific type of bankruptcy that the client requires. There are three general phases in obtaining an education in bankruptcy law:
- Formal education. An attorney who provides California bankruptcy assistance will typically need at least a Juris Doctor (J.D.) degree from an accredited law school in California. An advanced degree such as a Masters of Law (L.L.M) will further help distinguish you from your colleagues.
- Membership in professional organizations. Practicing attorneys will want a membership in one of the many associations dedicated to bankruptcy law in California.
- Legal specialization. Bankruptcy attorneys in California can become designated specialists in bankruptcy law by meeting the state's specific requirements.
Attend a law school that specializes in educating California bankruptcy lawyers
There are a variety of universities in California that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in California.
Try: The University of California Davis School of Law offers business law as an area of concentration, which includes a study of bankruptcy law. The University of California, Los Angeles, School of Law offers a specialization in business law and also has a bankruptcy research database.
Find professional forums for California business bankruptcy laws attorneys
Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in California. These include information on recent changes in bankruptcy law and advice on building a practice.
Try: The California Mortgage Association provides current articles on bankruptcy law in California written by practicing attorneys. The California Bankruptcy Lawyer Blog offers current legal information on all aspects of California bankruptcy Law.
Obtain a specialization in bankruptcy laws in the state of California
California allows attorneys who practice certain areas of the law, such as bankruptcy, to be certified as specialists. A bankruptcy attorney in California will need to know California's specific requirements for a specialization in bankruptcy.
Try: The State Bar of California provides the complete standards for becoming certified in California bankruptcy law. Meet the bar's requirement for continuing legal education in bankruptcy through online courses at Legalspan. The American Bar Association provides a summary of the regulations on legal specialization in California.
- Attorneys also will want to join professional organizations that are dedicated to the practice of California bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.
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