Home
Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Overview
Credit Problems
Credit News
International
Credit Glossary
Purchase Books
Credit Laws
Business Credit
Merchant Accts
   

Re: Should I declare BK?


[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by LadynRed (199.91.33.254) on August 23, 2004 at 15:10:51:

In Reply to: Should I declare BK? posted by NeedAdvice (Lady?, WhyChat?) on August 22, 2004 at 23:07:16:

CA has some great exemptions, but that 10K in the bank is going to be forfieted to the Trustee. You can't declare BK and keep that much cash. The stock options may be ok if you haven't exercised the options yet. The paid-off car could be a problem depending on how much its worth vs. the exemptions.

If the IRS taxes are 3 or more years old (taxes FILED), then those could be discharged in BK.

I would suggest you speak to 2 or 3 BK lawyers to get a handle on what would happen.


Follow Ups:



Post a Followup

Name:
E-Mail:

Subject:

Comments:

Optional Link URL:
Link Title:


[ Follow Ups ]   [ Post Followup ]   [ Credit Forum Index ]

 

    Top Of Page

  

Copyright © 1999-2004 Enkephalos Web Design