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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Hi, My question is basically two fold. California AB

Resolved Question:

Hi,

My question is basically two fold.

California AB 929 has been signed by Gov. Brown. I understand It raises the California Homesetad Exemption for Exemption list 704 to $150,000 for a single person. When will that go into effect?

Also, if a person like myself has two residential properties and the first one (in Calif.) is lost through foreclosure, can you take residence in the second and apply the exemption to that one. Trick is I am a New Zealand resident (since 2007) and the modest little studio unit is in that coutry. When I file, if I file, it will be from overseas.

Thanks

Donna West
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

California AB 929 goes into affect on April 1, 2013.

Customer:

Hi there

Customer:

Excellent

cfortunato :

I am not sure of the facts pertaining to your second question.

Customer:

I'd better give a few more details on my resiecy

Customer:

residency

cfortunato :

Is the residence that you want to claim as your homestead located in NZ?

Customer:

I am a dual resident of the USA and NZ.

Customer:

I was born USA and am a citizen

Customer:

I live here the majority of the year (USA) and pay taxes in the USA as I am a teacher

Customer:

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

Customer:

I own a very small (like 400ft) unit there. It is free and clear. Paid $54k USD in late 2008

cfortunato :

You can file a Bankruptcy in CA and apply the homestead exemption to a residence in NZ.

Customer:

With improvements, it's about $90k USA value now

cfortunato :

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.

Customer:

Very good

Customer:

That is actually true. I am fiishing a teaching contract that wraps up i June 2013...so the timing is very good

cfortunato :

California specifically allows homestead exemption protection for homesteads not located in the state of CA.

Customer:

If I make a nice tip...can we continue the discussion a little?

Customer:

:-)

cfortunato :

Yes.

Customer:

I wanted to check on public pensions and reafirm that they under ERISA are exempt from claims in bankruptcy

Customer:

(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)

cfortunato :

Are you asking about money that has been saved from an ERISA pension. (Income per se is not touched in a Bankruptcy.)

Customer:

Well, it would be the California State Teacher's Retirement fund ( a pension that is for being a government worker)

Customer:

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

cfortunato :

All ERISA-qualified retirement funds are exempt (protected) from the Bankruptcy court.

Customer:

Good...that is what I thought

Customer:

Would moving any fuds from one to the other put them at risk?

cfortunato :

What type of account are the funds being held in?

Customer:

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

Customer:

It's all held with the State Teacher Retirement System

cfortunato :

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.

Customer:

It's an annuity that can be paid in one lump or over a period of years to be selected by the retiuree

Customer:

Okay - the bell has just rung so must go. I'll asked for you next time as more questions arise.

Customer:

Thanks for your help - especially on AB 929

cfortunato :

You're welcome!

Customer:

I'll take care of account during my own lunch period i about 2 hours

Customer:

:-)

Customer:

You are very good!!

Customer:

bye

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 4 other Bankruptcy Law Specialists are ready to help you

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