How would a trustee really know... ???

[justbroke]

Planning -- in my opinion -- is not deceptive, it's simply logic.

Yes it is good to plan. However, I know that I'm reluctant to give specific advice on this because it truly is a form of art, and should be given by competent asset protection specialists (attorneys).

You are right... if you're going to be filing anyhow, the whole vacating the summary judgment may be moot. However, if the judgment starts attaching to property, this can become problematic. The only way to remove judgment liens through Bankruptcy, is if they impair other exemptions. Otherwise, they'll stick.

Strategy is important, but the right strategy using the right attorney, is more important.

[hackjob]

Re: ETHICS

I am new to this board and I think the site is a godsend for many, many individuals who -- YES, have made POOR FINANCIAL DECISIONS -- correct -- But, we have rights! Exemptions -- Like Startingover08 stated -- a way to get a fresh start.

BUT: Are you frown upon by having too much exempt cash? Too much jewelry, even though it may be a gifted heirloom? Too fancy of a car, but... YOU ARE STILL UNDER THE ALLOTTED EXEMPTIONS MANDATED BY CALIFORNIA SYSTEM 2... ???

ON THIS BOARD, I have read of many horrible, horrible unscrupulous behaviors by Trustee's, CA's, Attorney's, etc... and proper planning may have helped those people.

Because AngeliaCatHub, the man who fabricated my PROOF OF SERVICE, did not care one bit about ethics. Even though his act was a felony.

[hackjob]

I filed a complaint with the Attorney General and State Bar... regarding the summons.

Justbroke, I was under advisement that Creditor w/unsecured $ judgment could not attach lien against "clean titled" property (my car.) The California DMV would not allow -- Citibank would have to garnish wages.

[justbroke]

Justbroke, I was under advisement that Creditor w/unsecured $ judgment could not attach lien against "clean titled" property (my car.) The California DMV would not allow -- Citibank would have to garnish wages.

yes, with an unsecured judgment. However, they may be able to attach to other property. Of course this varies based on the application of the UCC in your State and your State non-bankruptcy laws. This is why... I don't give advice on the topic.

When is an unsecured judgment not an unsecured judgment? When the creditor goes back with the judgment to ask for a writ of attachment or other similar instrument based on your State's non-bankruptcy laws. I would be very careful and hence why I suggest professional help when it comes to dealing with judgments, liens, attachments, writs, garnishments and bankruptcy.

You're right that California protects some personal and real property from attachment. "In California a judgment creditor can also obtain a judgment lien on certain types of personal property (equipment, inventory, farm products, accounts receivable, chattel paper, negotiable documents of title) by filing a Notice of Judgment Lien with the Secretary of State. Cal. Code Civ. Pro. 697.510 - 697.670." (Source: http://law.scu.edu/FacWebPage/Neusta...mentary/5.html)

[AngelinaCatHub]

I am new to this board and I think the site is a godsend for many, many individuals who -- YES, have made POOR FINANCIAL DECISIONS -- correct -- But, we have rights! Exemptions -- Like Startingover08 stated -- a way to get a fresh start. I agree. We all made/make mistakes. The new start is basically the last straw when nothing else works due to circumstances.

BUT: Are you frown upon by having too much exempt cash? Too much jewelry, even though it may be a gifted heirloom? Too fancy of a car, but... YOU ARE STILL UNDER THE ALLOTTED EXEMPTIONS MANDATED BY CALIFORNIA SYSTEM 2... ??? On "stuff", if it is exempt, let us not talk about class envy. Some of our jewelry heirlooms are priceless to us, but worth nothing. Some were worth money and we purchased them back from our estate. We are not dealing with class envy or such as long as your items are exempt, it is nobody's business.

ON THIS BOARD, I have read of many horrible, horrible unscrupulous behaviors by Trustee's, CA's, Attorney's, etc... and proper planning may have helped those people. Most "horrible" stories were inspired by horrible attorneys that did not educate those who never expected to bk. We were worth 10 mil on paper and land. We donated our land because we had money enough. Fortunately with a life estate on our land we have a home. That was not a planned thing. We did everything in the book wrong, except to purposely deceive. This was our redemption and we dearly paid for our sins. For the most part, I witness most Trustees as fair and honest if you are with them.

Because AngeliaCatHub, the man who fabricated my PROOF OF SERVICE, did not care one bit about ethics. Even though his act was a felony. Hey, I understand. One crime does not and never will justify another. You cannot "get back" at the system just because they did you in. It will only go against you.

Realize I/we are here to help. Now JB had a great post advising you as to what we are all about. Don't take criticism here personally as we have come across many who are not forthwith as you have been. JB said, planning is prudent. That is no problem. Take the best deal of course. But never ask here how to defeat the law. That will not do and we have seen several who are now banned. Some were just playing games and others were seriously looking to fraud the system.

I hope you realize there is no problem here with 'Hub. 'Hub

[hackjob]

Re: Hub...

I think I am being misunderstood:

California System 2: Is cash truly exempt, up to what ever is allowed?

My question has nothing to do with class or "getting back", I am just trying to make sure whatever I exempt is truly exempt because it seems to me quite generous considering... that's all.

BTW, I appreciate all your responses.

[hackjob]

Justbroke... thank you for all the responses -- definitely worth considering.

[AngelinaCatHub]

I think I am being misunderstood: At first.

California System 2: Is cash truly exempt, up to what ever is allowed?

My question has nothing to do with class or "getting back", I am just trying to make sure whatever I exempt is truly exempt because it seems to me quite generous considering... that's all. Got it.

BTW, I appreciate all your responses.Thank you.

It was a good thread. Yes the English language is tough in that, without 'body language' inflections of voice, etc. sometimes it can be misunderstood. All in all this was a valuable and informative thread. Please keep us informed of your progress and what decisions you are going for.

Talk to you again I'm sure. 'Hub

[hackjob]

Absolutely. Holding steadfast right now. I'm sure I will have many more questions in future.

Experience is much like driving down a country road with a flat.

All the best.

[madmama]

madmama

My concern is the vehicles and small RV. All are not new ( 2004,2006 ) but in good condition. We have low mileage on both vehicles and Kelly values are 12,000 , 15,000 and 4,000 for RV. We were considering adding mileage ( the standard is 15,000 per year) which brings the value of the vehicles down considerably. Will the trustee really take the vehicles even though we need them for transportation and what about the RV? We are filing in AR but using AZ since we are here less than 2 years ( AZ exemption is even lower for vehicles) !!

[scla]

Although in many instances trustees don't complete an in depth investigation or audit of cases, there is the possibility that your case will be subject to audit or investigation. In this situation, they may inquire from other people about your situation such as a your ex-wife or neighbors. Trustees sometimes receive tips from individuals that cause them to be suspicious of your assets or financial situation. You definitely do not want to be caught in a situation where the trustee finds that you have lied on your bankruptcy petition.

[keptdigging]

I think I am being misunderstood:

California System 2: Is cash truly exempt, up to what ever is allowed?

My question has nothing to do with class or "getting back", I am just trying to make sure whatever I exempt is truly exempt because it seems to me quite generous considering... that's all.

BTW, I appreciate all your responses.

I just retained an attorney.
Yes System 2 cash is truly exempt.
In fact, she told me I'll be able to use exempt cash after filing for essentials. "They want you to eat." Whereas non-cash exempt things can't be sold or transferred until abandoned.

I have assets I plan to convert TO cash to make sure I have something to live on. She blessed that strategy.

[scla]

California's Bankruptcy Exemptions under 703 are pretty generous with regard to Cash Assets. When you do not use the homestead exemptions then your total wildcard amount is approximately 21K. Some further explanation of California's 703 Bankruptcy Exemptions can be found here: http://www.socaladvocates.com/asset-protection

[hackjob]

Re: scla

Seems like all your assets can be lumped in -- as long as it's under the 21k...
Thanks. Yeah, definitely generous compared to other states. In fact I think, Arnold S. just raised System 1 to an even higher exemption to protect home owners.