California Exemptions Questions Long Message

[CAB in CA]

What is the name of your state?What is the name of your state? CA

My case was filed by an attorney 10-6-05. I reviewed the documents prior to signing, asked questions and pointed out what appeared to be errors to me. She had me sign and said they would be corrected before filing.

The attorney that helped me, I found out later, is not the bankruptcy attorney in the firm.

Some of my questions remained unanswered with a my husband knows more as he has been handling the BK cases for 25 years now or it depends upon how the trustee views things that I asked about.

To date I have not received a copy of my petition from the attorney's office. I called last week and they are running two-and-one-half weeks behind in mailing.

I pulled a copy of my petition from Pacer today. I had some questions and called the attorney's office, they took my number as no one was available that could assist me. I will probably have to go park myself on the doorstep one day next week if they do not get back to me by the first part of next week as my 341 is on November 9.

I need to ask some questions to see if how I am viewing things is actually correct.

1. My income is based upon Social Security Disability in the amount of $1154. and ERISA pensions from my deceased husband in the amount of $418. I had money in the bank on the day of filing from Social Security proceeds in the amount of $1000. and ERISA pension proceeds in the amount of $782. These two amounts are in separate accounts that are not co-mingled with any other funds. I have a separate account setup from when I was working that has $50.

I asked the attorney if the Social Security Disability and ERISA funds were exempt funds and she said the trustee does not always look at those funds in that manner. That puzzled me from what I had read previously.

Shouldn't the listings on my Schedule C property claimed as exempt be:
1a the $1000. be listed as Bank Account-Social Security 703.140(B)(10)(a)?
1b and the $782. be listed as Bank Account ERISA benefits
703.140(B)(10(e)?
1c and the $50. listed as Bank Account 703.140(B)(5) $1000. of any property since it is a separate account of funds not exempt because of the Social Security and ERISA exemptions?

The attorney listed $1000. as Bank Account 703.140(B)(5) $1000. of any property.

The attorney added the $782.to the $50. account and listed as Bank Account in the amount of $832. 703.140(B)(1) Unused portion of homestead applied to any property up to $18675.

2. I have life insurance with cash value.
a. $4197.
b. $872.
c. $10,983.
d. $634.

These policies were listed on Schedule B under item 19 Contingent and non-contingent interests in estate of decedent, death benefit plan, life insurance policy or trust by the attorney.

When I reviewed the petition before signing only one life insurance amount was listed and I pointed this out. She said it would be corrected before they submitted the petition.

On the copy of the petition that they did submit they grouped an annuity that I own though one of the life insurance companies in the amount of $820. and added it together with one of the life insurance amounts.

I feel all of the entries under item 19 are incorrect as these are insurance policies which I own.

Shouldn't these items be listed on Schedule B under item 9 Interests in insurance policies, Name insurance company of each policy and itemize surrender or refund value of each?

Shouldn't the annuities of $820. be listed on Schedule B under item 10 annuities, Itemize and name each user and not lumped in with the insurance information?

3. On Schedule C regarding exemptions on Life Insurance Surrender Value the attorney listed $17506. 703.140(B)(1) Unused portion of homestead applies to any property up to $18675. Their $17506. figure consists of Life Insurance $4197., $872., $10983., $634. and the annuity of $820.

Shouldn't this be listed as follows:
3a Life Insurance Surrender Value $6986. 703.140(B)(1) Unused portion of homestead applied to any property up to $18675.?
3b Unmatured Life Insurance Contract $9700. 703.140(B)(8) Unmatured Life Insurance contract accrued interest, dividend, loan, cash or surrender value up to $9700.?
3c Annuities $820. 703.140(B)(1) Unused portion of homestead applied to any property up to $18675.?

The reason I am concerned about getting the exemptions coded to what I think is correct and hopefully I am vs. how the attorney's office coded them is because the attorney said I will probably have to repay $5283. if my exemptions are exhausted.

I cashed in stocks 8-1-05 in the amount of $5283. and used the money towards replacing the air conditioner and furnace which was 24 years old and the July electric bill was $555. for the one month. I have lived with my mother in her home for the past 20 years and the last four years I have paid for most home repairs in lieu of rent.

I have been paying rent again beginning September 2005 as my mom had her house re-financed to do additional long needed repairs and her house payment increased resulting in her requesting that I now pay rent again.

If the way I am interpreting the exemptions is correct then that will leave me an additional amount of available money under the 703.140(B)(1) exemption of $18675. in the event I need to exempt the stocks I cashed in for the air conditioner and furnace.

If anyone is willing to try to help me, please let me thank you in advance!

Chapter 7 No Asset Exemptions System 2

CAB in CA

[CAB in CA]

State of California

The lawyer finally called. Over the weekend I faxed what I thought would be a list of the correct exemptions to the office.

She told me that the total of all exemptions allowed for California CH 7 System 2 is $18,675.

I am really confused. Have I totally misinterpreted how exemptions work?

I thought you were allowed the exemptions listed for California in addition to offsetting anything that was above an allowable exemption with the homestead figure up to $18,675.

What is the purpose of having a Social Security exemption, ERISA exemption, clothing exemption, life insurance value exemption, etc., if all you can exempt in total is the $18,675?

It doesn't make any sense to me. I guess that is why I am not a lawyer and I hired one???

Thanks for any enlightening!!!

CAB in CA

[seniorjudge]

“God invented paragraphs and sentences to make written communication easier by breaking up major ideas into smaller chunks. Try using them sometime. One long unbroken string of words is hard to read.”

--DebtGuy

Standard answer on long and/or rambling posts:

Cut it in half

Use paragraphs

Leave out editorial comments

Ask three questions

Do not use all caps...it is excessively rude and equivalent to shouting in someone’s ear.

Use standard English.



You will be more likely to get someone to help you if you do this.

[CAB in CA]

Seniorjudge,

Thank you for your reply.

My previous post has only two questions so perhaps someone will help me.

I am sorry for posting a long question with the first post in this tread. I didn't realize I should have broken up all of the information into multiple posts with three questions each.

I broke my post up into paragraphs as best I could.

I apologize for any wrong doing.

Thanks,

CAB in CA