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.
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.
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.
Put the $400 toward legal and filing fees.
SINCE 1974. My answers are for general information only. They are not legal advice. Answers assume California law. I am licensed in California, only. Answers must not be relied upon. Legal advice and counsel must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice and counsel during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice or counsel in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for advice and counsel. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference
Chapter 7 Bankruptcy Attorney
I wouldn't worry about the 400.. You will spend that in filing paper work and debt counseling classes.