Hi...thanks for a great site!
My wife and I are getting ready to file. I am using an online BK filing system where I input all of the data and they send the BK paperwork to me ready to submit to the courts.
My question revolves around investments. We're in CA and will be filing Ch 7. We will be 're-affirming' two cars and keeping the house (no equity in home; owe more than worth). Both cars are upside down with zero equity which works out well in BK's. However, my concern is with my wife's IRA account. She has about $24K in an IRA and about $18K in a 401K. I have about $2K in an IRA. Will these be liquidated by the Trustee? I think I read somewhere that 401K's are 'exempt' but what about IRA's? We will be putting about $125K of unsecured debt in the BK.
Thanks for your help!
My wife and I are getting ready to file. I am using an online BK filing system where I input all of the data and they send the BK paperwork to me ready to submit to the courts.
My question revolves around investments. We're in CA and will be filing Ch 7. We will be 're-affirming' two cars and keeping the house (no equity in home; owe more than worth). Both cars are upside down with zero equity which works out well in BK's. However, my concern is with my wife's IRA account. She has about $24K in an IRA and about $18K in a 401K. I have about $2K in an IRA. Will these be liquidated by the Trustee? I think I read somewhere that 401K's are 'exempt' but what about IRA's? We will be putting about $125K of unsecured debt in the BK.
Thanks for your help!
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