Asset protection in Texas? What other steps to take?
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Posted by Momisdying
(205.188.116.84) on June 13, 2004 at 15:29:42:
I am so glad I found this website. It answered so many of my questions. It is surprising to see that others got into credit card debt because of sick family members. I too have a family member (mother) that was very sick and is the root for my credit card problems. I live in Houston, Texas which I hear is a debtor friendly state. A special thanks to JKelly who has posted a lot of good information in the past. Here is my situation. I'm in my mid 40's and don't have too much savings. I have an IRA with less than $65,000 in it. I read that that account is protected here in Texas. (http://www.ici.org/issues/ret/arc-leg/00_state_bankrupt_surv.html) I did the low interest card revolving game for a while but it is coming to an end. With the steep medical bills I can't afford to keep up the payments. It's a no win situation for me. Another poster recently said he/she felt like a loser. I can relate with that. Although I did use it for a good cause I feel guilty because I DO owe the credit card companies this money. There is no way I can pay it back though. I have a daughter in University and have some money in a checking account to help her but not much. I have taken some advice and closed my checking accounts and opened up online accounts. I still had to give my SSN so I'm worried. I'm sure I'll get sued but I own no home, have no car and I'm moving soon to Colombia to live with my family. I don't want to put my money I have left in the Colombian banks. Short of carrying around a lot of cash is my money safe in the online accounts? Is there anyway a credit card company or collection agency can seize all my banking accounts in the USA? What else should I be doing? Thanks.
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