You need to go over these issues with an experienced bankruptcy attorney who can examine all of your assets. You clearly have some assets here and it would be a great mistake to try to represent yourself, relying only on information received over the internet from attorneys who haven't properly interviewed you. Do yourself a favor and find a lawyer in your area by cling on the "Find a Lawyer" tab.
The information provided herein is general information only and not legal advice. The information provided herein does not create an attorney client relationship and is not a substitute for having a consultation with an attorney. It is important to have a consultation with an attorney as the information provided in this forum is limited and cannot possibly cover all potential issues in a given situation.
You only need to use your wildcard exemption on any excess cash value life insurance beyond the existing limit ($14K or so). You don't use the wild card exemption on term insurance. This would free up your wildcard for something else.
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Bankruptcy Code Section 522(b)(3)(C) is a available to CA debtors and covers certain retirement funds. If the subject annuity qualifies under the Internal Revenue Code Section 408(b) as an individual retirement annuity, then it would be exempt under 522(b)(3)(C)'s reference to 408 of the Internal Revenue Code. If not, then you must use the CA 703 wildcard exemption to protect this asset from collection by the Chapter 7 Trustee. You should consult with an attorney familiar with bankruptcy and tax law to evaluate your particular annuity.