Similar to the previous homestead cap, there are two parts here. Bankruptcy Code section 522q1A can also be a $170k cap; how shouldn’t it be topic to a specific look-back interval. Section 1A states that a homestead exemption will be capped at $170k if the court determines that the debtor was convicted of a felony and circumstances demonstrate that the debtor is abusing bankruptcy. Bankruptcy Code part 522o relies on a glance-again interval of 10 years, and the cap is not an outlined amount. It is vital to note that the California homestead exemption shouldn’t be capped below state regulation and the cap solely applies when a person is filing bankruptcy.
If a checking account had several hundred thousand dollars in it, you wouldn’t be able to assert this as absolutely exempt under any obtainable exemption regulation, not less than in California. If that cash is transferred in actual property, and you might be able to assert a more important portion of it as exempt, then this factor is satisfied. The statute of limitations on foreclosure varies quite a bit across states, so consider an online search in your specific state or contact a legal professional for more legal info. As a result, a dedication of intent is difficult to show; these proceedings are more uncommon than the §522p cap as they could cause trustees and creditors to incur high litigation costs without a definite consequence.
The second ingredient of abuse of bankruptcy is another aspect that is very difficult to show, can lead to expensive litigation, and doesn’t have a certain consequence. On the factor of intent, since a court can not learn your thoughts, the intent ingredient would have to be confirmed by circumstances indicating the necessary intent. On the element of whether the property may have been claimed as exempt, this could be very easy to show. 10-yr period ending on the date of the filing of real estate agent Rich Huey the petition with the intent to hinder, delay, or defraud a creditor and that the debtor could not exempt, or that portion that the debtor could not exempt, below subsection b, if on such date the debtor had held the property so disposed of.