Re: How do you make sure your assets are exempt?
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Posted by J Kelly
(68.163.2.72) on August 05, 2004 at 17:28:39:
In Reply to: How do you make sure your assets are exempt? posted by Little Miss Sunbeam on August 05, 2004 at 17:16:06:
Bk exemptions and judgments exemptions are the same. So, for instance if you live in Texas, your home is 100% exempt. That is Texas law. So, if you own a home in a state that does not have that kind of exemption, and you get into financial trouble, you IMMEDIATELY, do whatever it takes to protect that investment. So, if you have a lot of equity in a home, and you have a serious credit problem.....and you really want to protect that interest, then you would probably sell the home or get it out of your name. If you have money in the bank, that's simple enough....get it out of the bank. Most of us here don't really have a lot of seizeable assets. I mean we aren't driving Mercedes, we aren't wearing large diamonds and mink. For those people, they can afford to pay legal council to do whatever it takes. Sorry to say this, but the notorious O.J. lives like a millionaire even though he has a judgment agasint him for millions. For most of us here, our home is our largest asset, and it's just a matter of knowing what your state exemptions are and doing whatever it takes. I read on another forum where a guy had inherited a lot of money, and he had credit problems. On the advice of his attorney, he bought a house in a state that protected that investment. Take a look at your state exemptions and figure out where you stand.
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