The New York Times brought us this news today:
WASHINGTON — In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found.
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.
Mansfield Law Offices. 701 E. Santa Clara St. Suite 13, Ventura, CA. www.venturadebtlaw.com
Sunday, January 22, 2012
Thursday, July 21, 2011
The Blog Has Moved Locations!
While the prior posts in this blog will remain, the blog has moved to http://venturabankruptcylawyer.blogspot.com.
Friday, July 15, 2011
Mixed News and Multiple Economic Viewpoints
It is interesting that various news articles play up one side or the other when discussing the economic recovery. I tend to believe that any recovery in jobs and income is illusory. Take this MSNBC story from today.
Will more people need to file Chapter 7 and Chapter 13 bankruptcy in Ventura? This makes me believe it will be so.
On the other hand, we have articles like this one.
Hopes for a quick economic rebound in the second half of the year seemed more remote on Friday after a glimpse at consumer sentiment showed it at its lowest level in more than two years.
Industrial output also hit the brakes in June, rising a modest 0.2 percent, according to the Federal Reserve. although much of the stall was attributed to auto sector disruptions from the earthquake and tsunami in Japan.
The reports were the latest in a series, including weak retail sales and employment, to suggest that the anticipated step-up in growth in the second half of the year might not be as strong as initially thought.
Will more people need to file Chapter 7 and Chapter 13 bankruptcy in Ventura? This makes me believe it will be so.
On the other hand, we have articles like this one.
The average U.S. credit score — a predictor of the likelihood lenders will be paid back — rose to 696 in May, the highest in at least four years, according to credit reporting bureau Equifax. Delinquencies on consumer loans have dropped 30 percent in two years, according to Federal Reserve data.Again, I believe that the combination of the continuing decline in housing prices and the loss of jobs will hurt many of us. I sense that the positive articles are meant to encourage consumers to spend again. With enough spending, we can perhaps fuel another bubble or at least temporary recovery.
Tuesday, July 12, 2011
New York Times: More Borrowers will Lose Homes under Bank Deal
There is a very interesting article from the New York Times that describes the unintended consequences of the large bank deal under discussion. Countrywide / Bank of America homeowners are the furthest behind on their mortgages. Many borrowers have lived in their home without paying the mortgage for over a year. Under the new bank rules, many of those borrowers will be foreclosed upon and it will be more quickly.
The full story is here. Mansfield Law Office is always ready to help Ventura County homeowners who may benefit from bankruptcy protection.
The full story is here. Mansfield Law Office is always ready to help Ventura County homeowners who may benefit from bankruptcy protection.
Friday, July 8, 2011
Unexpected Employment Numbers Signal Need for More Ventura County Bankruptcy Protection
This is truly bad news for all of us. I am certain Chapter 7 and Chapter 13 filings will increase again with rising unemployment. Mansfield Law Office is here to help. Here is a link to Reuters:
http://reut.rs/mTWeUF
Find Mansfield Law Office on the web.
http://reut.rs/mTWeUF
Find Mansfield Law Office on the web.
Location:Country Pl,Ojai,United States
Thursday, July 7, 2011
Incredible News for Ventura County Residents: Possible Increase in California Bankruptcy Exemptions
The following summary is not authored by me. These materials were prepared by Elissa D. Miller of Sulmeyer Kupetz, P.C. in Los Angeles, California. I have copied them here to reproduce the excellent communication from Ms. Miller on behalf of all consumer bankruptcy attorneys.
A bill to again revise California Exemptions, introduced by Assembly Member Wieckowski, has recently passed the Assembly without opposition and is now in the Senate. On June 14, 2011 the bill was favorably reported out of the Senate Judiciary Committee and is slated to be taken up by the Senate Appropriations Committee within the next few weeks. It appears to be on a fast track.
The Bill, AB 929, results in the second substantial increase in the homestead exemption in the last year and includes major revisions to the exemptions applicable if no homestead is taken. A copy of the bill can be found at http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_929&sess=CUR&house=B&author=wieckowski
The stated purpose of the bill is as follows:
This bill would revise and recast those alternative exemption provisions and would, among other things, increase the exemption available for the debtor's interest in motor vehicles; jewelry, heirlooms, and works of art; and tools and other items used in the debtor's trade, business, or profession or in the trade, business, or profession of the debtor's spouse. The bill would revise the alternative exemption provisions relating to household furnishings, life insurance contracts, wrongful death and personal injury actions, unemployment compensation payments, and cemetery plots and would add to those alternative exemption provisions exemptions for workers' compensation benefits, specified aid payments and relocation benefits, and financial aid for higher education.
Existing law provides an exemption from enforcement of a money judgment for a homestead, as defined, in specified amounts.
With regard to the homestead exemption in CCP section 704.730, the bill results in the increase in the exemption amounts as follows:
The bill also increases the maximum income allowed to qualify for the low income homestead exemption for people from $15,000 to $22,000 for an individual and $20,000 to $29,000 for a married couple.
With regard to the exemptions applicable if no homestead is claimed, CCP section 703.104(b), the bill does not increase the wildcard, per se, but does increase other provisions and also creates new exemptions such that the total amount exemptible has now increased substantially. . The stated purpose of these amendments is to conform the CCP Section 703.140(b) exemptions to the CCP Section 704.010 et seq. exemptions to protect those without homes in the event they file for bankruptcy protection. While the language of the changes to the CCP Section 703.140(b) exemptions would appear to parallel the CCP Section 704.010 et seq. exemptions, the amounts are not the same. The exemptions available under CCP Section 703.140(b) are substantially higher than those in CCP Section 704.010 et seq.
For example, a burial plot which previously was included under CCP section 703.140(b)(1) now has its own separate section, new CCP section 703.140(b)(17) and is exempt without regard to value.
A chart of certain of the increases follows:
The author has been advised that the Bill has been opposed by the California Bankers Association. The Bill will result in a reduction in the number of bankruptcy cases administered with assets. In other words, Debtors, without homes to protect in Chapter 7 bankruptcies, will be able to protect more assets.
Thank you for your continued support of the Committee.
Best regards,
Insolvency Law Committee
Mansfield Law Office
701 E. Santa Clara St., Suite 13
Ventura, CA 93001
The Bankruptcy Attorney in Ventura with the Broadest Experience
June 22, 2011
Dear Insolvency Law Committee Constituency List members:
The following is an Ebulletin prepared on a case of interest by a member of the Insolvency Law Committee:
A bill to again revise California Exemptions, introduced by Assembly Member Wieckowski, has recently passed the Assembly without opposition and is now in the Senate. On June 14, 2011 the bill was favorably reported out of the Senate Judiciary Committee and is slated to be taken up by the Senate Appropriations Committee within the next few weeks. It appears to be on a fast track.
The Bill, AB 929, results in the second substantial increase in the homestead exemption in the last year and includes major revisions to the exemptions applicable if no homestead is taken. A copy of the bill can be found at http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_929&sess=CUR&house=B&author=wieckowski
The stated purpose of the bill is as follows:
This bill would revise and recast those alternative exemption provisions and would, among other things, increase the exemption available for the debtor's interest in motor vehicles; jewelry, heirlooms, and works of art; and tools and other items used in the debtor's trade, business, or profession or in the trade, business, or profession of the debtor's spouse. The bill would revise the alternative exemption provisions relating to household furnishings, life insurance contracts, wrongful death and personal injury actions, unemployment compensation payments, and cemetery plots and would add to those alternative exemption provisions exemptions for workers' compensation benefits, specified aid payments and relocation benefits, and financial aid for higher education.
Existing law provides an exemption from enforcement of a money judgment for a homestead, as defined, in specified amounts.
With regard to the homestead exemption in CCP section 704.730, the bill results in the increase in the exemption amounts as follows:
| Current Law | Proposed Change | |
| Individual | $75,000 | $150,000 |
| Family Unit | $100,000 | $250,000 |
| Over 65/Disabled/Low Income | $175,000 | $350,000 |
The bill also increases the maximum income allowed to qualify for the low income homestead exemption for people from $15,000 to $22,000 for an individual and $20,000 to $29,000 for a married couple.
With regard to the exemptions applicable if no homestead is claimed, CCP section 703.104(b), the bill does not increase the wildcard, per se, but does increase other provisions and also creates new exemptions such that the total amount exemptible has now increased substantially. . The stated purpose of these amendments is to conform the CCP Section 703.140(b) exemptions to the CCP Section 704.010 et seq. exemptions to protect those without homes in the event they file for bankruptcy protection. While the language of the changes to the CCP Section 703.140(b) exemptions would appear to parallel the CCP Section 704.010 et seq. exemptions, the amounts are not the same. The exemptions available under CCP Section 703.140(b) are substantially higher than those in CCP Section 704.010 et seq.
For example, a burial plot which previously was included under CCP section 703.140(b)(1) now has its own separate section, new CCP section 703.140(b)(17) and is exempt without regard to value.
A chart of certain of the increases follows:
| Property Exempt | Current Law | Proposed Change |
| Vehicles | $3,525 (one vehicle only) | $4,800 of aggregate equity |
| Jewelry, heirlooms and works of art | $1,425 | $5,000 |
| Tools of the Trade | $2,200 | $6,075 (and if married both spouses entitled to claim exemption) |
| Unmatured life insurance including annuities but not the loan value | $11,800 | unlimited |
| Loan value of unmatured life insurance | included in $11,800 above | $9,700 (and if married both spouses entitled to claim exemption) |
| Personal Injury | $22,075 (for actual pecuniary loss) | unlimited |
The author has been advised that the Bill has been opposed by the California Bankers Association. The Bill will result in a reduction in the number of bankruptcy cases administered with assets. In other words, Debtors, without homes to protect in Chapter 7 bankruptcies, will be able to protect more assets.
Thank you for your continued support of the Committee.
Best regards,
Insolvency Law Committee
Mansfield Law Office
701 E. Santa Clara St., Suite 13
Ventura, CA 93001
The Bankruptcy Attorney in Ventura with the Broadest Experience
Wednesday, July 6, 2011
Job Cuts Coming
It appears that more job cuts are planned at US companies. The jobs outlook remains "murky".
Here is the link.
Mansfield Law Office is the number one Ventura bankruptcy law firm in terms of education and large firm training. We are here to help.
701 E Santa Clara St.
Suite 13
Ventura, CA 93001
805-765-1529
Here is the link.
Mansfield Law Office is the number one Ventura bankruptcy law firm in terms of education and large firm training. We are here to help.
701 E Santa Clara St.
Suite 13
Ventura, CA 93001
805-765-1529
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