Cash in bank account and Wildcard exemptions ..

[Doghouse]

Looking here http://www.thebankruptcysite.org/exe...alifornia.html it shows retirement accounts as basically exempt for plan 2 as well.

[Doghouse]

Looking here http://www.thebankruptcysite.org/exe...alifornia.html it shows retirement accounts as basically exempt for plan 2 as well.

[Doghouse]

Looking here http://www.thebankruptcysite.org/exe...alifornia.html it shows retirement accounts as basically exempt for plan 2 as well.

[ready2puke]

Doghouse can you say that again ??? lol...Glad you found that thanks but its still weird that there are several different lists isnt it?

[Doghouse]

Ooops, sorry for the multiple posts. Didn't know the click posted more than once. Computer had gone cuckoo for cocoa puffs.

[Medora]

Wow, this is confusing. For California, what if your IRA is not a lot (mine is getting smaller every day...) Then can't you use system 1, and take the small IRA under the Wildcard?
Also confusing: Since you CAN'T double System 2, it clearly says that, can you double System 1 for married couple?
Pukey, your Mexico sitch is a doozy. I know about IRA holding real estate, so maybe it depends on what the actual value of your IRA holdings are, cash plus equity in property, etc. If your IRA is exempt, then anything in it should be expempt... right? Hmmm...

[ready2puke]

Yes I do believe if my IRA is safe then 50k of the property value is safe, the rest I paid in cash. I paid 135k for it total. They say (the resale department in Mexico) that the property is worth 80-85k. So subract 85-50 (Ira)-15K (for wildcard exemption)minus mexico income tax and commissions to sell and what I owe on HOA taxes..not much left for the trustee. Also dealing with the Mexican government. I think it comes out to 2,600 or something like that. That means the trustee would get a whopping 260 for all that hassel...Just hoping to that outcome.

[Medora]

I would just make sure you have the Mex deal all penciled out for Trustee, so they can see that "actual resale value" almost nothing minus expenses. That is, if it isn't protected by being in your IRA, which it still might be?
Good luck on this one--it's an interesting case!

[ready2puke]

Im sure the Trustee wont believe me for the what the property is worth.. He'll probably call down in Mexico. I will provide the name and phone number on who to call and he'll find out what its worth then...thanks Medor....
Pukey