Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.
California AB 929 goes into affect on April 1, 2013.
I am not sure of the facts pertaining to your second question.
I'd better give a few more details on my resiecy
Is the residence that you want to claim as your homestead located in NZ?
I am a dual resident of the USA and NZ.
I was born USA and am a citizen
I live here the majority of the year (USA) and pay taxes in the USA as I am a teacher
I got approved as a NZ resident in 2007 and was given an indefinite (basically permanent) Returning Resident's Visa in late 2009 after satisfying all requirements
I own a very small (like 400ft) unit there. It is free and clear. Paid $54k USD in late 2008
You can file a Bankruptcy in CA and apply the homestead exemption to a residence in NZ.
With improvements, it's about $90k USA value now
Since you are in the US for the purpose of employment, that will not interfere with your ability to designate NZ as your primary residence.
That is actually true. I am fiishing a teaching contract that wraps up i June 2013...so the timing is very good
California specifically allows homestead exemption protection for homesteads not located in the state of CA.
If I make a nice tip...can we continue the discussion a little?
I wanted to check on public pensions and reafirm that they under ERISA are exempt from claims in bankruptcy
(sorry I am typing this on my prep period at school ad their laptop keyboard has very sticky keys - I'm not as illiterate as I may soundZ)
Are you asking about money that has been saved from an ERISA pension. (Income per se is not touched in a Bankruptcy.)
Well, it would be the California State Teacher's Retirement fund ( a pension that is for being a government worker)
also I worked for a City for 11 Years (California Public Employee Restirement System) PERS and I will be "retiring with reciprocity" as theese two work together
All ERISA-qualified retirement funds are exempt (protected) from the Bankruptcy court.
Good...that is what I thought
Would moving any fuds from one to the other put them at risk?
What type of account are the funds being held in?
I have a large amount accrued from working teacher overtime that I'd like to move to CalPERS (through allowed reciprocity) and as log as they don't leave the system, they are what has been accrued in the teacher's ow earned pension fund
It's all held with the State Teacher Retirement System
You can move the funds from that account if they are moved into another type of IRS tax-deferred plan - such as an IRA or a 401K.
It's an annuity that can be paid in one lump or over a period of years to be selected by the retiuree
Okay - the bell has just rung so must go. I'll asked for you next time as more questions arise.
Thanks for your help - especially on AB 929
I'll take care of account during my own lunch period i about 2 hours
You are very good!!