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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37822
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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How many properties can a person own and be protected from

Resolved Question:

How many properties can a person own and be protected from creditors?

can a property exemption be updated to 150,000.00?

If I have a business and I'm being sued for a debt in 2008 can I apply that to my Individual bankruptcy that I owe. Would this be questionable to the trustee?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 6 years ago.

Only your principal residence can be protected under the Calfiornia homestead exemption (between $50,000 and $150,000 depending upon personal circumstances).


However, unless you personally guaranteed your corporate debt to the creditor, then the creditor cannot reach your personal property or personally held real estate assets -- unless the creditor proves that your corporation is really just an "alter ego" for your personal property. Courts are unlikely to "pierce the corporate veil" and permit personal liability for corporate debt, except where it's obvious that the owner of the corporation has been using the corporation as the owner's personal "piggy bank."


Hope this helps.


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