Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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Question: FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT ONLY PLEASE. Bankruptcy filed in state of California Hi, just got my chp13 bankruptcy confirmed last week, I listed a retirement account amount of $55,000 which was exempted, I would like to buy a house for $60,000 and use that funds plus $5,000, can i buy a house if i am in 13bankruptcy which will be discharged 4 yrs from now.
Response 1: No, you cannot. Once you remove the money from your retirement account, the money is no longer exempt and can be seized by the Chapter 13 trustee.
or should i ,
Response 2: No, you should not, and you cannot because you would not have the money once you take it out of your retirement account.
will i have to ask permission from the trustee?
Response 3: Do not even bother. The trustee would not go for it.
i have not filed any homestead exemption (what is the max for California?) thanks
Response 4: CA Homestead is between $75,000.00 to $175,000.00 and can be found at Code of Civil Procedure Section 704.730(a)(1) to (a)(3)
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