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Cash vs. Bank Account savings/checking
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Posted by BeenThereStillDoingThat
(24.187.170.238) on July 26, 2004 at 14:01:12:
After reading alot of people posting about worries of getting a bank account seized I was wondering how the exemption of "cash" in most states would be considered if you didnt have actual cash on hand but cash in the bank.
For example under NY State exemptions for BK and judgements it is "Cash, the lesser of either $2500, or an amount that, with annuity, totals $5000; in lieu of homestead".
Does that mean if I do NOT have any cash on my person or at my residence but DO have $2500 in the bank can I claim that cash in the bank as my exempted property?.
I know a CA can try to seize the account but if they do and the above is true must they release it as it is your only source of "Cash" ?.
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