Bankruptcy Fees Increase
The Northern District of California, U.S. Bankruptcy Court (which has courthouses in San Jose, San Francisco and Oakland), has announced that bankruptcy filing fees will increase on November 1, 2011.
- Chapter 7 bankruptcy filing fees will increase from $299 to $306.
- Chapter 13 bankruptcy filing fees will increase from $274 to $281.
- Chapter 11 filing fees will increase from $1,039 to $1,046.
The bankruptcy filing fees are only increasing by $7, but it's an increase nonetheless.
Other fees, such as filing an Adversary Complaint, Motions regarding the Automatic Stay, and others, will also be increasing by differing amounts.
Bankruptcy Filing Fees are Separate From Attorney's Fees
The above fees are paid to the court clerk. They are always in addition to any attorney's fees for representation in a case. Most attorneys will give you a FREE consultation to first see if bankruptcy can help you.
Adjustments for costs of living, etc., are not unusual in the bankruptcy world. On January 1, 2010 the homestead exemptions rose to $75,000 for those who are single, and $100,000 for those who are married (that's the law that lets you protect equity in your home, i.e., if the equity in your home is $100,000 or less, you can protect it and creditors cannot take it away).
Most people filing bankruptcy in San Jose can typically protect all of their property, including their house, since California's exemptions laws are favorable to consumers. There are many different exemptions that help people protect their property when filing bankruptcy. While the federal bankruptcy code provides a list of exemptions, these exemptions are not available in California. California law requires you to use the exemptions found in California state law -- not the U.S. bankruptcy code.
One exemption scheme in California allows a "wild card" exemption. That lets you protect anything you own up to a certain amount (currently more than $23,000). However, whether or not you are trying to protect equity in a house affects your wild card exemption. To put it simply, most people filing bankruptcy in San Jose can protect their house, car, personal property, paycheck and retirement accounts. A qualified bankruptcy attorney can help you figure out what bankruptcy exemptions apply to your particular circumstances.
Note: California's exemption amounts are no longer updated in the statutes themselves. California Code of Civil Procedure section 740.150 deputized the California judicial council to update the exemption amounts every three years. (The last revision was in 2010; the next will be 2013.) The current exemption amounts for personal property can be found on the California Judicial Council Website. http://www.courtinfo.ca.gov/forms/documents/exemptions.pdf
How to Get the Value of Your Home
Zillow.com is a helpful tool that shows home values in your neighborhood. Just click on the link to Zillow.com and enter your street address to get an estimate of the value of your house, and all others in your neighborhood. Zillow.com also shows a listing of the average home value in your zip code. (Note: Does not serve all areas, and valuations are imperfect estimates only.). However, Zillow.com does provide estimates of home values in San Jose, California.
For a FREE consultation you can call Ronald Wilcox, Attorney at Law. 408-296-0400
