Protecting one's ASSets...
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Posted by InBigDebt
(172.147.80.217) on January 18, 2004 at 18:40:41:
I have a lot of unsecured debt ($85,000), and a lot of tax debt ($50,000). I'm hopeful about working things out on the tax debt, but a lot of my unsecured debt has been charged off to CA's now (I was out of work for a while). I'm I'm single and live in CA. I have steady employment (knock on wood), and make about 110K annually. I don't own a home and have about 4K left to pay on a car. So, I'm in the process of trying to protect my assets as much as possible in case I get sued and/or have to declare BK. Here are a few questions: 1) Does opening IRA accounts protect the money I put in them, or can they be seized? I'm putting the max amount into my 401K right now and am looking for other places to store cash, other than just a garden-variety bank account (which is not safe). 2) What about pre-IPO stock options that haven't been exercised and/or haven't been vested? I ask because I don't know if options are considered a seizable asset. Stock has cash value, but options are just the right (but not the obligation) to buy stock at a certain price. So, they don't represent something that has been paid for. I'm not yet vested in most of the options that I was granted, so I really don't own them yet, though I will in the future. I'm just wondering if these are safe from being seized. 3) In a Chapter 13 BK (wage earner's plan), you get to keep all your assets, no? TIA.
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