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What do I do in California with my 401, IRA?

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    What do I do in California with my 401, IRA?

    I need help. CA have 2 systems for exemptions: Exempt 401k, IRA use system 1?. System 2 cannot exempt 401k, IRA?
    Thank you.

    #2
    Hi chiwawa, I moved your post away from that old thread, into a new thread of it's own, so that it could be seen and responded to more easily.

    Good luck to you!
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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      #3
      Thank you much

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        #4
        System 2 does exempt ERISA qualified benefits that are needed for support. CCP Section 703.140 (b) (10) (E)

        I don't know if trustees ever object to exemptions of ERISA plans claiming they aren't needed for support. I used system 2 and exempted about $85k between an IRA and a 401k. It was never questioned.
        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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          #5
          Single person 401Ks have been challenged in CA due to poor compliance by the individual with ERRISA requirements. People who incorporated themselves for tax purposes and buying cars through the corporation etc are challenged. 401Ks from large companies that meet and maintain all ERRISA requirements are exempt. iRAs have a $ limit but I don't know the value.
          Lawyer - $3000
          Filing fee - $299
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