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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have a lump sum annuity that is going to mature in 2015 for

Customer Question

I have a lump sum annuity that is going to mature in 2015 for $90,000. Will I lose this if I file a chapter 7 bankruptcy in CA?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

What is the anuity for?

Terry L. :

from I should say.


For an accident I was in as a child

Terry L. and 4 other Bankruptcy Law Specialists are ready to help you
Expert:  Terry L. replied 5 years ago.
You hit the close button. No problem though. This asset is not protected in bankruptcy. IT might be protected. In California, there are 2 different exemption sets to chose from. one offers 100% exemption if that injury award is "reasonable and necessary"

”Reasonable & Necessary” refers to a judicial determination that the asset is adequate and appropriate to the debtor’s specific lifestyle and the asset’s intended use. Any party objecting to the exemption has the burden of proof. FRBP 4003(c).

I would recommend talking with a local bankruptcy attorney about the exemptions to see if yours will be protected. Most offer free consultations.
Good luck and thank you for your question.

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