Stocks and Checking Accounts

[whaddaino]

We have about $9k in cash and stocks in a brokerage account. It's all the money in the world to us (literally). I have very little income, had been foreclosed upon, and over $40k in credit card debt. Naturally I think I would be a great candidate for a Ch 7, but I am concerned about the $9k we have in cash and stock. If they take that, well, we're toast. Going to se a BK attorney but wanted to get your input as well. Any help would be appreciated! Thanks!

[ROB37LAW]

You will lose the stock. Sell it now and you can probably save about 5k if you put it in a roth ira.

[angles]

I am somewhat new to this, just had our first meeting with our BK guy last night. the way he explained it to us is your only allowed to keep so much $$ in assets when filing and anything beyond that is surrendered to the trustee.

[whaddaino]

I live in TX, and was wondering if this fell into some sort of exemption? I just can't find any specific information on it.

[blockhead]

We have about $9k in cash and stocks in a brokerage account. It's all the money in the world to us (literally). I have very little income, had been foreclosed upon, and over $40k in credit card debt. Naturally I think I would be a great candidate for a Ch 7, but I am concerned about the $9k we have in cash and stock. If they take that, well, we're toast. Going to se a BK attorney but wanted to get your input as well. Any help would be appreciated! Thanks!

If not in a retirement account, sell the stock and spend anything not exempted on household expenses, car repair or other normal expenses needed to stay afloat.

[LALADY]

Don't think it falls under TX pretty liberal personal property exemption.