Hi all,
Wondering if someone has information on exemptions in a non-consumer chapter 7 bankruptcy? I understand the means-test doesn't apply, but what about the exemptions. In California, do they still use the $20,875 exemption limit on a non-consumer case, even though they're not looking at my means and future earnings potential?
I've got some investment property that's seriously under water (>$200k under water), and a failed sole-proprieter business that racked up ~30k in credit card debt (on my personal card). This is 90% of my debt. I rent my home, and don't have any other significant debt. So I've been considering whether a non-consumer chapter 7 makes sense.
I'm hopeful that I'm going to get a job shortly that'll put me back on an income track, but understand that a non-consumer bankruptcy won't require a means test, so I shouldn't have to worry about my income level with a new job.
But, do I still need to take into consideration the CA exemptions before I file a non-consumer claim? I do have some (not a lot, but some) savings that are not sheltered.
Thanks!
Wondering if someone has information on exemptions in a non-consumer chapter 7 bankruptcy? I understand the means-test doesn't apply, but what about the exemptions. In California, do they still use the $20,875 exemption limit on a non-consumer case, even though they're not looking at my means and future earnings potential?
I've got some investment property that's seriously under water (>$200k under water), and a failed sole-proprieter business that racked up ~30k in credit card debt (on my personal card). This is 90% of my debt. I rent my home, and don't have any other significant debt. So I've been considering whether a non-consumer chapter 7 makes sense.
I'm hopeful that I'm going to get a job shortly that'll put me back on an income track, but understand that a non-consumer bankruptcy won't require a means test, so I shouldn't have to worry about my income level with a new job.
But, do I still need to take into consideration the CA exemptions before I file a non-consumer claim? I do have some (not a lot, but some) savings that are not sheltered.
Thanks!