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Friday, 15 November 2019 02:58

Debt Collection Protections Have Failed to Keep Up With Inflation

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A good bankruptcy attorney can help you maximize the protection of existing bankruptcy exemptions in California. A good bankruptcy attorney can help you maximize the protection of existing bankruptcy exemptions in California.

The National Consumer Law Center recently published a report on state exemption laws titled Still No Fresh Start in 2019: How States Still Let Debt Collectors Push Families into Poverty. After surveying all 50 states, they concluded that none of these jurisdictions have adequate laws in place to protect debtors.

Areas of state exemption law concerns include:

  • Preserving the debtor’s ability to work
  • Protecting the family’s housing, necessary household goods and means of transportation
  • Protecting a living wage for working debtors
  • Protecting a reasonable amount of money in a bank account
  • Protecting retirees from destitution
  • Automatic updating for inflation
  • Loopholes that enable some lenders to evade exemption laws

In the opinion of the NCLC, all states lack the basic standards to allow debtors to continue to work productively to support themselves and their families. California ranked in the middle with a rating of “C” indicating “Protections have many gaps and weaknesses”. The most glaring protection deficiency in California relates to preserving the family’s home: California received an “F” because the amount of protected equity is merely 20% of the median state home value. The family car rating is a “D” because of the low earmarked exemption of, at most, $5,350. Clearly California has a lot of room for improvement and reform in its state exemption laws.

Until state laws are reformed to address the various concerns of the NCLC, a good attorney can help you maximize the benefit of the existing laws. Call attorney Chris Bush, at (619) 295-3322, for more information. He is an experienced bankruptcy attorney and passionate consumer debt advocate. He’ll help you obtain the best solution to your debt burden and get back you on a track to financial freedom.

Read 94 times Last modified on Thursday, 12 December 2019 06:59
Chris Bush

With over 12 years of experience and thousands of cases as a consumer bankruptcy attorney, Chris Bush is on the cutting edge of Bankruptcy and Student Loan Law. Chris can assist you in untangling the options to find the best solution for your specific debt relief case.

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Some information I need to evaluate your Student Loan options is contained in your National Student Loan Data System Report. Instructions for obtaining this report are available on my web site at sandiegostudentloanlawyer.com/nslds-report. Simply print/save the reports as a PDF, of all pages. Please DO NOT "DOWNLOAD" THE REPORT from the link - this creates a text file that is very difficult to read; please print the web page as a PDF file - the summary page of all loans AND the individual reports for each loan. Samples of these pages can be viewed by clicking the respective links in the previous sentence. I look forward to reviewing this report with you and assisting you with the management of your Student Loan debt.

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