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$23K exemption?

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    $23K exemption?

    I had a consult with an attorney about Chapter 7. He seemed to think that we could easily go Ch 7 with our unsecured debt and income. When I asked him if they would go after the $$ that would start accumulating in our checking account once we started not paying all those monthly minimums, he said there was a $23K exemption in CA. This seems kind of high. And after reading this forum a great deal, all I see is that you should have as little as possible in your checking account. Does this seem right?

    Thanks in advance. Don't know what I would do without these forums. This has been so stressful and I get a little solace from reading that I'm not alone.

    #2
    Yes, CA has a huge wildcard exemption if you don't have any home equity. This wildcard even protects cash! If you have the ability, save, save, save!
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

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      #3
      Thank you momofthree!

      Yes, I've already started and hopefully by next paycheck I will have enough for the attorney's fees. It just scares me to have that money adding up in my checking account. I don't have cards attached to the bank that carries my checking but it still makes me nervous. I know I'll have a lot of questions to ask the attorney about this but I feel like I should be using that $$ down to the $300 I keep reading about on these forums. ??

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        #4
        The exemptions vary by state, plus some states allow debtors to choose the federal exemptions. Expect that what applies to someone in another thread may not apply to you.

        CA has two sets of exemptions and you can use whichover one works best for you. momofthree is right (as usual).

        You can read more about the CA exemptions here.

        Welcome to the forum
        There are two secrets for success in life:
        1.) Never tell everything you know.

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