Date: Thursday, October 13, 2022
Time: 2:00pm - 3:30pm PT
Speakers: John C. Colwell, Erik Clark, Jenny Doling, Norma Hammes, Cathy Moran, & Ike Shulman
Description: On September 28th, California Senate Bill 1099 was signed by Governor Newsom. NACBA is very proud to be the official sponsor of SB 1099. Join NACBA's California working group as they walk you through the significant improvements to CA's bankruptcy exemption laws & how you can apply them for your clients.
WHY YOU SHOULD ATTEND: NACBA’s California working group assisted Senator Bob Wieckowski, the bill's author, in getting these significant improvements to California's bankruptcy laws. All attorneys practicing in California or who may have clients who may be eligible for California exemptions. In addition, this webinar will be very helpful to all members who are interested in changing the exemptions in their own state.
Highlights of SB 1099 that will be discussed include:
1. "Ride through" option restored for vehicles (no more repos for failure to reaffirm).
2. Homes protected from trustees selling them due to post-petition appreciation where had been fully protected by the homestead exemption on the petition date. Such appreciation will also be exempt.
3. Spouses living separate or apart from a non-filing spouse will no longer require a waiver from the non-filing spouse to utilize our alternate set of exemptions (which are usually more favorable for non-homeowners).
4. Increases the motor vehicle exemption to $7,500 for both sets of exemptions.
5. Creates new exemption fully exempting vehicles converted for use by a disabled debtor, spouse or dependent.
6. Creates new exemption for up to an aggregate amount up to $7,500 for accrued or unused vacation pay, sick leave, family leave or wages.
7. Creates new exemption for payments from settlement agreements arising from debtor's employment (e.g. workplace harassment).
8. Creates new exemption for alimony, maintenance and support which was not previously included in the set of exemptions which includes the homestead exemption.