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    #1

    Just starting the process

    Hello to all,

    Well, my wife and I at at a very early stage of going through foreclosure and eventually Chapter 7 (unless a miracle takes place).. One question...If we have aprox. 20k worth of stocks and are looking for a way to protect that money, what could we do at this early stage? We were considering selling and putting it in our 401k. Anyother options? Please feel free to tell it like it is!

    Thanks
    Tags: None
    #2
    How is the stock held right now?
    Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

    Comment

      #3
      And, have you researched your states exemptions regarding a possible wildcard that will shelter all or some of the stock?

      Comment

        #4
        Msbklawyer & Keepmine

        Thank you for your reply,

        Not sure if I know what you mean by "how is the stock held?" but the 20k in value is distributed amongst three penny stocks.... although I am pretty much at be or at a loss. I have them with Ameritrade. I live in Florida so I am not sure about this wildcard shelter idea. Actually I just checked in Nolo and I did not see anything that would apply to stocks. I did see that 401k are exempted thus my idea to sell my stocks and put them in my 401.

        Thanks again

        Comment

          #5
          Originally posted by capamando View Post
          Thank you for your reply,

          Not sure if I know what you mean by "how is the stock held?"
          What kind of account are they in? Just an individual trading account? Your name, your wife's name?, your kid's name? Are they in an educational savings account? Were they rolled over out of some kind of retirement account? Are they pledged as collateral for anything?
          Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

          Comment

            #6
            Originally posted by MSbklawyer View Post
            What kind of account are they in? Just an individual trading account? Your name, your wife's name?, your kid's name? Are they in an educational savings account? Were they rolled over out of some kind of retirement account? Are they pledged as collateral for anything?
            Msbklawyer,

            These stocks are individual accounts under my name...(is the only name that appears on the Ameritrade statements). They are not pledge as anything nor rolled over out of anything.

            Thanks again

            Comment

              #7
              Which state are you in? You're going to need some good exemption planning. Normally, stocks or money in an individual account is not exemptible except under a wildcard exemption and those are usually fairly limited. You've got the right idea by thinking of putting it in a 401k -- that would make it exempt. But the judicial districts are all over the place on how much of converting non-exempt assets into exempt assets is allowed. 20k isn't chump change. With that kind of money on the line, I would urge you to hire an experienced bk lawyer.
              Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

              Comment

                #8
                Originally posted by MSbklawyer View Post
                Which state are you in? You're going to need some good exemption planning. Normally, stocks or money in an individual account is not exemptible except under a wildcard exemption and those are usually fairly limited. You've got the right idea by thinking of putting it in a 401k -- that would make it exempt. But the judicial districts are all over the place on how much of converting non-exempt assets into exempt assets is allowed. 20k isn't chump change. With that kind of money on the line, I would urge you to hire an experienced bk lawyer.
                Msbklawyer,

                I really appreciate your willingness to help me clear this thing up.. We live in Florida. The question of stocks or money that one can save up during the process is one that I am not quite clear how to address. I believe that in Florida a married couple is allowed $2k in cash... and 1k exempt for the car. Our car is paid for and probably has around 4k in equity. Not sure if the trustee takes into consideration that our car is used for our self employed business(sole proprietor); without it we can not earn a living. Since we are both self employed, what will the court want from us as proof of income? Oh, one more thing.... if we have a couple of cc under the name of our business even though our name appears on the card, does it make any difference in the process?

                Yes, maybe I should leave it to an expert lawyer.... however the information in this forum and the generous help from people like you makes one more prepared.

                Thank You

                Comment

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