Re: Protecting one's ASSets...

Posted by Parry (67.5.185.34) on January 18, 2004 at 19:33:16:

In Reply to: Protecting one's ASSets... posted by InBigDebt on January 18, 2004 at 18:40:41:

You say don't own your home, but are worried about keeping tour assets. What assets?

As long as you keep your car payment current and then reaffirm after Chapter 7 straight BK--I think that is the best route to take-unless you have a large amount of stock options. While the $50,000 in back taxes is not dischargeable--getting rid of the $85,000 is. Your 401K is exempt.

As far as your stock options: THEY ARE ASSETS!

Stock Options. The bankruptcy estate of an employee-debtor "includes the value of vested but unexercised stock options," and excludes value of stock options whose vesting depended on services after employee's filing for bankruptcy (In re Massimo DeNadai, 259 B.R. 801, US Bkrtcy Ct. 2001, 6-1-01).

Yes Chapter XIII lets you keep all your assets and that may be an option--but with an income of $110k I don't think the trustee will give that much of a discount.

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