Goldman
Goldman v. Salisbury (In re Goldman)
Opinion
Lead Opinion
ORDER
The memorandum disposition filed October 5, 1995, is redesignated as a per curiam opinion.
OPINION
George Goldman, a debtor in Chapter 7 bankruptcy, appeals the district court’s order overruling the bankruptcy court and denying him an extra homestead exemption under California Code of Civil Procedure § 704.730(a)(3). We reverse and remand.
Section 704.730(a)(3)(C) provides a special $100,000 homestead exemption to “[a] person 55 years of age or older with a gross annual income of not more than fifteen thousand dollars ($15,000) ...” Goldman was over 55 years old when he filed for bankruptcy. The question is whether his “gross annual income” exceeded the statutory maximum.
The Bankruptcy Court held “the phrase ‘gross annual income’ as used in Section 704.730(a)(3)(C) means the 1993 calendar year [the year in which the petition was filed] and not the twelve (12) months immediately preceding the filing of the bankruptcy petition.” Under the bankruptcy court’s definition, Goldman’s “gross annual income” was less than $15,000, and Goldman therefore qualified for the $100,000 exemption.
Under the district court’s definition, Goldman’s gross annual income was more than…