LA County Bar Features Homestead Exemption Article Co-Authored by Talkov Law

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The expert panel of legal professionals at the Los Angeles County Bar Association (LACBA) recently reached out to Talkov Law’s founder and lead attorney Scott Talkov and co-author Ed Hays to publish their article in the Los Angeles Lawyer magazine on the newly expanded California homestead exemption. The article, entitled “Protecting the Old Homestead,” is displayed on the cover of the July/August issue of Los Angeles Lawyer and spans multiple pages of the issue. As one of the largest county bar associations in the US, e-publications by the LACBA, including Los Angeles Lawyer, reach more than 83,000 viewers.

In his article, Scott explains how California has increased its homestead exemption to “the greater of the following: (1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000). (2) Three hundred thousand dollars ($300,000).” Cal. Code Civ. Proc. § 704.730.

The newly-updated homestead exemption provides debtors more opportunity to stay in their homes and avoid losing their homes due to bankruptcy. Scott’s article also explains how to maximize the homestead exemption. Exemption planning, liquidation of assets that would produce value to creditors, and a motion to avoid a lien under 11 U.S.C. § 522(f)(1), which Scott describes in detail in his article, are all ways in which California’s homestead exemption increases protections for debtors. The article was co-authored by Ed Hays, Past President of the California Bankruptcy Forum and a founder of Marshack Hays, LLP in Irvine, California.
 
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