703 exemptions in CA. What code will protect a retirement annuity. Is from Univ of CA. I believe this pension considered annuity

Asked over 2 years ago - Los Angeles, CA

So, I am doing some research and wondering what are best sections to protect such a pension. Also, under what circumstances would an annuity not be exemptable?

Is any 1 familiar with the university of California retirement system?

Attorney answers (3)

  1. Bradford Darrin Calvin

    Pro

    Contributor Level 10

    2

    Lawyers agree

    Answered . Exemption planning is a tricky and complicated area. You should definitely have an attorney review the annuity, or pension, before filing the bankruptcy. The attorney should review the plan carefully.

    Ca. has 2 exemptions systems: the 703s and the 704s.
    One commonly used exemption to protect a pension or annuity is C.C.P. Section 703.140(b)10E. Another possible exemption is C.C.P. § 704.110, and there is also Gov’t. Code § 21255

    These may protect your asset, but can't say for sure w/o seeing the papers and also knowing the details about your past employment w/ the state. When a client discloses that they own an annuity, pension, IRA, or some other retirement benefit, I always get the details and at the least, review the plan papers.

    Get an attorney.

  2. Anudeep Kaur Singh

    Contributor Level 8

    Answered . Generally speaking, retirement benefits are protected when properly disclosed and exempted in bankruptcy paperwork. The 703 section you would want to read THOROUGHLY and confirm with your retirement paperwork is CCCP Section 703.140(b)(10)(E). If you are trying to protect a substantial amount of money, and you have any other assets that need protection, you definitely want to hire an attorney to prepare and file your paperwork for you.

    Legal disclaimer: Ms. Singh is a California-licensed attorney only. The information is not, nor is it intended to... more
  3. James Portman Webster

    Pro

    Contributor Level 15

    Answered . This is a situation where you are trying to decide how to protect an asset - that generally is fairly large.

    Spend a little money and pay an attorney to prepare your paperwork.

    I have seen unrepresented parties taken advantage of due solely to their lack of understanding of the rules.

    That does not happen when you are represented by competent counsel.

    Jim Webster
    www.jpwlegal.com

    1845 S. Dobson Rd. Ste 201
    Mesa, AZ 85202

    (480) 464-4667
    Jim@jpwlegal.com

    We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

    Please contact me directly with document for a free 30 minute consultation to get more concrete advice. This is... more

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