Well we met with our attorney this morning for the first time. Many of my questions had already been answered by my 2 business partners as they have used this attorney for their pending BK's. We were all owners of a business that went belly up in January.
So I was fairly well prepared with detailed questions mostly pertaining to our bank accounts, stocks, IRA's, cars....the "stuff" we all want to keep if we can. So in the state of Nevada I learned a couple of things I didn't know about. We have a 1K wild card exemption per person filing. It appears unemployment is not exempt (looking further into this), we can cash out our common stocks and put part of it into an IRA and use the rest to buy a car outright. We will turn my wife's car into the bank thus keeping our investment from the stock and converting it into something that is exempt and fully paid for. Our two little girls savings accounts are exposed and can and will be converted into exempt 529 college savings plans. We can deposit up to 1K in our health savings account and even pay up to 3 months ahead on our mortgage. Much of this is possible because I am now unemployed...it looks like proper self preservation maneuvers.
My tools and business items will fall under "tools of the trade" as I'm filing a new corporation this week trying to get some income flowing again. The attorney didn't seem too concerned about the RV and motorcycle that was sold over the last year. Both vehicles were sold for FMV and the deposits are transparent. He was actually happy they were gone. He said its the people trying to keep their toys and expose their daily drivers or homes that cause all sorts of problems for themselves.
Dave
So I was fairly well prepared with detailed questions mostly pertaining to our bank accounts, stocks, IRA's, cars....the "stuff" we all want to keep if we can. So in the state of Nevada I learned a couple of things I didn't know about. We have a 1K wild card exemption per person filing. It appears unemployment is not exempt (looking further into this), we can cash out our common stocks and put part of it into an IRA and use the rest to buy a car outright. We will turn my wife's car into the bank thus keeping our investment from the stock and converting it into something that is exempt and fully paid for. Our two little girls savings accounts are exposed and can and will be converted into exempt 529 college savings plans. We can deposit up to 1K in our health savings account and even pay up to 3 months ahead on our mortgage. Much of this is possible because I am now unemployed...it looks like proper self preservation maneuvers.
My tools and business items will fall under "tools of the trade" as I'm filing a new corporation this week trying to get some income flowing again. The attorney didn't seem too concerned about the RV and motorcycle that was sold over the last year. Both vehicles were sold for FMV and the deposits are transparent. He was actually happy they were gone. He said its the people trying to keep their toys and expose their daily drivers or homes that cause all sorts of problems for themselves.
Dave
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