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529 Account exemption help

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    529 Account exemption help

    I have a 529 education savings account for my daughter. I know that the money I put in last year ($600) is not exempt from BK, but is the other $4000 that I put in in January 2013 exempt?

    Also, how would I list a partial exemption on the forms?

    I've read up on the new rules, but am confused as to the details. Thanks!

    #2
    I didn't know the answer to this question until I did a little research. Because you are filing pro-se, instead of telling you what I found, I am going to try to help you find the answer because if you are going to act as your own attorney you need to familiarize yourself with the Bankruptcy Code and learn to read it, understand it and apply it to your facts.

    For the 529 plan, first you have to determine whether the contribution is an asset of the estate. If it is, then you need to determine if there is an exemption to cover it. Find the portion of the Bankruptcy Code that defines what is part of the estate and then determine whether there is an exemption under California law that will cover it.

    If you can't find the answer, post again and I'll give you a hint on where to find it in the bankruptcy code. If you can find the answer, come back and let us know.

    As to claiming only part of an asset as exempt, look at Schedule C and see if you can figure out the answer.
    Last edited by LadyInTheRed; 02-28-2015, 10:28 AM.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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