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?
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.
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.
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