I have been getting savings bonds all of my life for birthdays, Christmas, etc...I know that I have some that were given by family members when I was born but I've never seen them. They're in my parents' safe deposit box at the bank and I never really thought to ask about them. I'm going to be 30 in about two months, so some of them may have matured already, but most probably have not and will not for a while (I remember most were either 25 or 30 year bonds). If we filed today and couldn't exempt them would the trustee take them and hold them until they matured? Would they just cash them immediately at whatever the value might be? Also, when my wife and I got married two years ago my mom gave us a 6 year CD for $600, so that's not mature yet either. How would that be viewed?
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Savings bonds and a CD not yet matured-how are they treated in CH7 BK?
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You'd have to look up current value and report as such.
I was told that depending on how they are named, they might be partially owned by your parents-- which might help your exemptions. This may be due to local custom.
I have a slew of these and am curious about them as well- at least as far as if the estate would be subject to tax on the interest earned.
Would love to hear from others on this as this particular topic rarely comes up.
Keep On Smilin'
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Originally posted by keepsmiling View PostWould love to hear from others on this as this particular topic rarely comes up.
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