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In chapter 7 using california 704 exemptions, what can I use to protect the few hundred I have in the bank? Heard 75% of wages e

Riverside, CA |

I had heard that there is an exemption protecting 75% of wages earned. What is the cite? Are there better ways to protect? I can 't use wildcard because I am in 704 due to home equity. Also, do I even need to worry about this if there is only $400 in my account. Would the trustee take this? How should I best go about protecting this asset. Thanks,. P.S. - For other reasons, I don't have time to remove the money. I must file today.

Attorney Answers 5

  1. If all the money in the account is from wages, then I usually apply CCP Sect. 704.070 in the amount of 75% of the account balance, and also Sect. 706.051 for the remaining 25%. I have never had any problem with that approach.

  2. There is no exemption for money in your bank account except the so-called "wildcard" exemption. $400 is something the trustee would not bother with. Why don't you spend or withdraw the money before you file? You should not attempt to file your BK without a lawyer's assistance. Too many things can go wrong.

  3. Put the $400 toward legal and filing fees.

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  4. I wouldn't worry about the 400.. You will spend that in filing paper work and debt counseling classes.

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