California Exemptions

[calif]

Hi everyone,
This is my first post.
I want to congratulate the staff for making this site available.
I've been learning from all of the members and share many of their frustrations with creditors who drive debtors, like me, to bankruptcy.
First, I would like to say that I'm willing to take responsibility for my mistakes if my creditors would do likewise.
I didn't get in this situation all by myself and when I tried to reason with creditors it was like talking to demanding children who only saw the world from their point of view.
So be it
My question:
I'm 66 and live on Social Security with some irregular income from side jobs.
I have owned my home for 15 years.
I'm entitled to a $150,000 exemption on my home with a mortgage balance of $72,000.
I have $40,000 in judgements and about $30,000 in other debts, most of which will expire under SOL in another year if they fail to sue me.
The value of my home is roughly $275,000.
My question:
If I file BK, how can I assure myself of winding up with my full exemption amount of $150,000 cash or keeping my home and the equity I have built up.
Thanks

[HHM]

First, what are the debts and judgments for exactly. This info will help determine if they are the types of debts that could even be discharged in a BK.

However, based on your numbers, the value of your home EXCEEDS the equity exemption by about $53,000.

As such, if your goal is to keep your home, then BK is probably not the best option for you.

The only way to maintain the home equity exemption if you cash out is to have the intent to use the money to buy a new home.

You are in a gray area...on the one hand, being on Social Security you do not have a lot of income, but you have a pretty good chunk of cash sitting in your home equity. And debt to the tune of $70,000 (probably more, as interest compounds).

Note, with that much equity, you are not exactly judgment proof. A creditor could conceivably take the judgment and put a lien on your house (if they haven't already) and force a sale.

[calif]

You wrote:
Note, with that much equity, you are not exactly judgment proof. A creditor could conceivably take the judgment and put a lien on your house (if they haven't already) and force a sale.

My judgements are, The Sagres Company (B of A), Investment Retrievers Inc.(Household Bank), National Credit Acceptance Inc. (Circut City), Discover Bank.
Investment Retrievers told me that they would file a Writ of Execution to force a sale of my home if I didn't pay them by last August 31st.
That didn't intimidate me.
I get my $150,000 before they get a dime and I have 6 months to put the money into another home.
If the home doesn't sell for enough then I keep the home and they wind up with nothing minus filing fees and deposits.

I was not aware that if I file BK that I must re-invest my exemption into another home within 6 months, also.
How long would I be required to keep the new property before I could turn it into cash?
Thanks for your input