San Diego, CA asked in Bankruptcy for California

Q: Would there be a difference between equity in federal court and equity in state court.

Would an adversary complaint in BK be in equity?

Related Topics:
2 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: There should not be any difference, no, although there could be a great disparity between your possible federal exemption amount and your possible state exemption amount.

Harlene Miller
Harlene Miller
Answered
  • Bankruptcy Lawyer
  • Irvine, CA
  • Licensed in California

A: Not sure what you are asking. Are you are talking about "equity" or value in property? Then, this gives rise to questions about valuation of property for bankruptcy purposes and how best to protect "equity" or value you may have in property. My colleague is correct in that regard - we have two different lists of exemptions available in California that are used for protecting equity when filing bankruptcy.

The other equity - is that the federal court (where bankruptcy is filed) is considered a court of equity which may have applicability if a complaint (adversary proceeding) is filed in a bankruptcy case by a creditor. If bankruptcy related in either case, you should consult with a qualified bankruptcy attorney - some of us offer half hour no charge consultations.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.