Palm Desert Bankruptcy Lawyer Paul Stoddard provides experienced legal guidance to clients who are struggling with debt. In these challenging times, many Californians find themselves facing financial hardships that seem insurmountable. Our skilled team handles all the details to help you find debt relief solutions.

With over 35 years of experience in bankruptcy law, The Law Offices of Paul M. Stoddard has consistently guided clients toward a brighter financial future. Highly skilled in bankruptcy law in addition to real estate and business law, Mr. Stoddard works to ensure clients in Palm Desert and throughout the Coachella Valley make informed decisions that best serve their long-term interests.

Bankruptcy is a legal process that can give you a fresh financial start. Call our office at (760) 320-8345 for your free initial consultation. It’s time to stop stressing about debt. With Bankruptcy Attorney Paul Stoddard on your side, you can face your financial challenges with confidence and discover how we can help you achieve the debt relief you deserve.

Understanding Bankruptcy: Your Path to Financial Recovery

Bankruptcy is a powerful legal tool designed to offer individuals a fresh start when facing overwhelming debt. As your trusted Palm Desert bankruptcy attorney, Mr. Stoddard will help you understand the process and guide you through every step of your financial recovery journey.

Bankruptcy provides a way to eliminate or significantly reduce your unsecured debts, offering relief from:

• Credit card debt
• Medical/dental costs
• Personal loans
• Certain tax debts
• Other qualifying unsecured debts

With Attorney Stoddard’s extensive experience, you may benefit from:

• A comprehensive assessment of your financial situation
• Clear explanations of how bankruptcy applies to your specific case
• Protection from creditor actions, including harassment and wage garnishment
• Skilled negotiations with creditors on your behalf
• Meticulous preparation and filing of all necessary documents

An immediate benefit of filing for bankruptcy is the automatic stay. This legal provision halts most collection activities, giving you room to focus on financial reorganization. Bankruptcy is about regaining control of your financial future. It can help you:

• Stop foreclosure proceedings
• Prevent utility shut offs
• Restore or prevent termination of driver's license due to certain unpaid debts

Seeking bankruptcy protection is a responsible decision to address financial challenges and create a foundation for a more stable future.

Homeowners in Bankruptcy | Homestead Exemption Increase

“Will I be able to keep my home or its equity?” The Federal Bankruptcy Court in California adopted and uses the California Homestead Exemptions. The Homestead Exemptions protect the equity in your home. It prevents a creditor from selling your home if the value of the home is less than the amount of the Homestead Exemption plus the amount of any loan you have taken on the Home. These exemptions were amended in 2021 under Amendment (AB 1885).  It increased the maximum amount of exemption from $175,000 to a minimum of $300,000 with a maximum of $600,000, or the amount of the median sale price for a single-family home in Riverside County, California if it does not exceed $600,000. The median sale price for a single-family residence in Riverside County is approximately $599,000.

This means that if you have a home worth $400,000 with an existing mortgage of $100,000, the creditor would have to sell your home for an amount in excess of $699,000.  The result of the amendment to the Homestead Exemption has practically protected all homes from creditors and allowed most residences to be exempt.

These issues are complex and can be confusing for many. You must be careful and have your case fully analyzed before filing bankruptcy to make certain there are not other issues. For example: the exemptions cannot be used unless you have owned and lived in your home for at least 1,215 days (approximately 3 years and 4 months) before filing for bankruptcy. If you haven't met this requirement, the exemption amount is capped at $189,050, regardless of the higher state exemptions allowed under California’s Homestead Exemption laws. You can still file bankruptcy within the 1,215 days if the equity you have in your home is less than $189,050.

California’s Homestead Exemption is automatic, and no additional filing is necessary. However, there may be additional benefits for homeowners who file homestead declaration paperwork with their county recorder’s office. Homeowners filing for bankruptcy will need to consider which exemption offers the most benefits relative to their unique situation. When making decisions about your financial future, there are so many things to think about. Palm Desert Bankruptcy Attorney Paul Stoddard helps clients understand the bankruptcy process so they can make informed decisions. Contact The Law Offices of Paul M. Stoddard to review your situation and learn about how California’s Homestead Exemptions can help you save your family home.

Why Choose a Local Bankruptcy Attorney in Palm Desert, CA?

Having an experienced attorney advocating for your rights can make a big difference. Mr. Stoddard's roots in the Palm Desert area offer unique advantages for every client, including:

Court Familiarity: With a unique depth of experience in bankruptcy courts, Attorney Stoddard understands the nuances of bankruptcy law. Our years of experience can help to streamline your case.

Economic Insight: Palm Desert's economy has its own rhythms, influenced by tourism, real estate trends, and seasonal fluctuations. Mr. Stoddard's local economic awareness ensures your bankruptcy strategy aligns with regional financial realities.

Community Connections: Over 35 years of practice have fostered strong relationships with local financial institutions, credit counseling services, and community resources. These connections can be invaluable during your financial recovery journey.

Personalized Accessibility: Unlike distant law firms, The Law Offices of Paul M. Stoddard offers the convenience of face-to-face consultations. This personal touch allows for more thorough communication and a deeper understanding of your unique situation.

By choosing a Palm Desert bankruptcy attorney, you're gaining legal advocates who understand the local landscape and are invested in the community's wellbeing. This local insight can be the key to helping you navigate your financial challenges more effectively so you can emerge stronger on the other side.

Contact Palm Desert Bankruptcy Attorney Paul M. Stoddard

We understand that every financial situation is unique, and there's no one-size-fits-all solution. That's why our team takes the time to understand your specific circumstances, offering personalized advice tailored to your needs and goals. With decades of experience, Mr. Stoddard helps you navigate the complexities of bankruptcy law to address and resolve your financial concerns. Contact Palm Desert Bankruptcy Lawyer Paul Stoddard at (760) 320-8345 to schedule your free consultation and take the first step towards financial freedom.