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Old 07-26-2005, 04:19 PM
Junior Member
  
Join Date: Jul 2005
Posts: 1

Annuity protected?

What is the name of your state? CAlifornia

My question is, if I have an accumulation annuity, can that be protected under Bankrutcy in California? I don't have an ERISA plan and for retirement all I have is an annuity.

My second question is, what about the equity in my home? Will they force me to sell or liquidate some of the equity?

My third question is, what about my whole life insurance cash? Is that protected or has to be liquidated as well? I may lose my life insurance plan if I liquidate. Thanks for answering!
  #2  
Old 07-26-2005, 05:57 PM
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Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
You really need to speak to a bankruptcy lawyer on this. Have you looked at the CA exemptions ?? CA has 2 'systems', you must choose the one that fits your situation. CA exemptions are here:

[url]http://www.bankruptcyaction.com/caexemptions.htm[/url]

If you have more equity in your home than can be exempted, then the Trustee could force the sale of your home or you might have to try to redeem the property to keep it.

It appears that CA exempts life insurance up to a limit.

I'm not sure about the annuity. Retirement benefits or pensions that are in ERISA-qualified plans are exempt.
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