exemption planning

[wabkatty]

Does anyone have experience with converting non-exempt assets (i.e. cash) to exempt shortly prior to filing bankruptcy? Specifically, does anyone have an opinion or experience as to what rises to the level of "intent to hinder, delay or defuaud...?" Simply looking to maximize exemptions by protecting about $20k in cash for clients...thanks.

[DeadManCrawling]

There are ways, but the laws are so varied based on district and state, it is impossible to say whether this is possible without more info.

What state and district?

Are the filers claiming a homestead?

[wabkatty]

State is WA but must use CA exemptions because debtors moved w/in last 730 days. No homestead so planned to use wildcard for some of the cash but would like to know how much could be put into retirement account, etc. prior to filing.

[newbie2]

State is WA but must use CA exemptions because debtors moved w/in last 730 days. No homestead so planned to use wildcard for some of the cash but would like to know how much could be put into retirement account, etc. prior to filing.

Are you an attorney?

[HHM]

Find the case
In Re Addison
Nos. 07-2064 / 07-2727
8th Circuit Court of Appeals

[wabkatty]

yes

[wabkatty]

got it. thanks.

[Cavedog]

What a great reading that case was. I am possibly planning on filing chapter7 BK in May of 2011, and was worried about the $400/month we were putting away each into our ROTH IRA's that we opened in April of this year.

"intent to hinder, delay, or
defraud a creditor."...

Since we are doing none of those 3, I can sleep a little better tonight :-)

[justasking]

Find the case
In Re Addison
Nos. 07-2064 / 07-2727
8th Circuit Court of Appeals

Just a follow-up question if I may?

How does a lay person like me go about finding a case like this to read?

I will attempt Google of course, but I'd like to know how to do this, if you could provide some guidance.

Thank you.

[barbj]

I just put this into Google to find the case.

In Re Addison Nos. 07-2064 / 07-2727 8th Circuit Court of Appeals

and it was the top link.

[wabkatty]

If you can't find the case on google, try Findlaw.com