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Re: Protecting one's ASSets...
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Posted by InBigDebt
(172.135.16.208) on January 18, 2004 at 20:01:57:
In Reply to: Re: Protecting one's ASSets... posted by Parry on January 18, 2004 at 19:33:16:
I don't have a lot in terms of assets right now, but I will in a few years since I'm saving a lot of money each month right now (401K, employee stock purchase plan shares, cash in the bank, vested stock options, etc.). In a few years, this could be close to 100K, not an insignificant amount. IRA's not protected??? So perhaps I should file BK sooner rather than later, since I'll start vesting in three/four months. Yet, I don't want to declare unless I absolutely have to, and if I don't get sued, then it would have left a blackmark on my credit report for 10 years when it wasn't necessary. If I can do a chapter 7, rather than a chapter 13, then it might be worthwhile anyways just to get a fresh start on life, and not worry about things as much. With my income, I don't think I'd qualify for a chapter 7, but I should talk to a BK lawyer first. BTW, I believe income taxes older than three years can be discharged in a BK. Fortunately, I didn't owe taxes for 2003, but I did for 2000/2001/2002 (repeated job loss). So, I believe the taxes for 2000 could be discharged since they're now older than three years, no? If so, it would bring the tax debt down to about $35,000. Thanks.
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