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    CA cash exemption

    For the CA wildcard exemption (system 2) for Chapter 7, it states:

    703.140(b)(5) - $1,100 of any property. Any unused amount of burial or homestead exemption of any property.

    We rent, and so we will use very little of our $17,425 homestead exemption. We also won't need to use the $7,500 burial plot exemption. So does this mean if we have 10K cash that we'd be able to exempt it?

    #2
    Here are the current system 2 exemptions (excerpt):

    Homestead

    703.140(b)(1) Real or personal property, including co-op, used as a residence up to $20,725.

    Personal Property

    703.140(b)(1) - Burial plot up to $20,725, instead of homestead.

    703.140(b)(2) - Motor vehicle up to $3,300.

    703.140(b)(3) - Clothing, household goods, appliances, furnishings, animals, books, musical instruments and crops up to $525 per item.

    703.140(b)(4) - Jewelry up to $1,350.

    703.140(b)(5) - $15,000 of any property, less any claim for homestead or burial plot.

    703.140(b)(5) - $1,100 of any property. The unused portion of the burial or household exemption for any property.

    703.140(b)(9) - Health aids.

    703.140(b)(11) - Wrongful death recoveries needed for support.

    703.140(b) (11) - Personal injury recoveries up to $20,725, not to include pain, suffering or pecuniary loss.


    Basically since you have no homestead, you have over 20K to use for exemption purposes as a wildcard.

    I am using the same system by the way
    Last edited by ccsjoe; 09-03-2010, 07:40 PM. Reason: damn typos
    Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
    AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

    Comment


      #3
      Would that include equity in a single motor vehicle? For example, if we got a new honda civic and put 10K, would that be exempt?

      Comment


        #4
        Wildcard in system 2 an be used for anything... I exempted a bit of excess equity in a car (worth $4k, so just over the motor vehicle exemption), what's left of my coin collection... and cash balances in accounts. The lousy housing market, which makes my home under water, has been a blessing in allowing me to use System 2.

        One note: The exact dollar amounts are out of date... they've been increased. I know this because I filed last week... total wildcard is 23250. It's surprisingly difficult to find the updated numbers on line.
        12/2009 Stopped paying CCs; 3/10 1st suit;
        8/2010 finally served; No Asset 7 filed. 11 mos since last bal xfer
        9/22/10 60 day club; 9/24/10 report of no distr; 11/23/10 DISCHARGED

        Comment


          #5
          Does that mean I could exempt 7K of excess equity in our one car?

          Comment


            #6
            Originally posted by businessman View Post
            Does that mean I could exempt 7K of excess equity in our one car?
            absolutely.
            12/2009 Stopped paying CCs; 3/10 1st suit;
            8/2010 finally served; No Asset 7 filed. 11 mos since last bal xfer
            9/22/10 60 day club; 9/24/10 report of no distr; 11/23/10 DISCHARGED

            Comment


              #7
              Here are up to date amounts. (For "System 2, be sure to scroll down to the second set... the "703.xxx" list.) http://www.courtinfo.ca.gov/forms/do...exemptions.pdf
              12/2009 Stopped paying CCs; 3/10 1st suit;
              8/2010 finally served; No Asset 7 filed. 11 mos since last bal xfer
              9/22/10 60 day club; 9/24/10 report of no distr; 11/23/10 DISCHARGED

              Comment


                #8
                Another question about this car. I've been told that I should secure employment before I file. So let's say I secure employment and then get a car. If I put 7K down on a new base-model Accord or Civic right before I file, will the trustee raise eyebrows about that?

                I'm just wondering if the trustee will expect me to just get a 1K beater and be fine with it?

                Comment


                  #9
                  businessman, that is a question best posed to a local atorney who knows the local trustees and what they will and will not accept. I suspect the answer is they will be ok, especially given that you'll be using part of the wildcard to exempt equity, but get yourself a couple free consultations to ask this and other questions. You have what may be a somewhat complex case if I recall from your other post correctly, something about a business. Use this time now to start interviewing attorneys to choose one via the free consults. Go in there with a set of questions you need answered.

                  keptdigging, thanks for finding the updated system 2 numbers. Yes, they are surprisingly very hard to find. I thought wildcard was 20K until the week we filed, when it came to light it was over 23K.
                  Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
                  AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

                  Comment

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