Gold 401k Account
Filing Bankruptcy im extremley poor with no assets, Can I just put this down and have no problems?
Im 27 years old and have no stocks, ira’s pension, annuity, gold jewlery, real estate, or any other thing valuable. Im hoping an attorney or someone else from Yahoo Answers can tell me if this is acceptable enough for assets in my bankruptcy
Vehicle $700 ( 1999 Mitsubishi Galant 124k miles, own it)
Miscellaneous Clothing $200
Miscellaneous Household Goods $800
401k $50 ( Yes $50 I invested for one week and stopped because….well im broke)
Do I have to list my bank account as an asset? I only have $125 in there right now and is there anything suggested I should include?
Thank You
I already know about how bad bankruptcy is and have to decided to accept those consequenses. Im really needing specifics with this question
I’m a paralegal who worked bankruptcy law. First of all, go to a legal aid society and if you qualify under the financial guigelines, an attorney will be given to you free of charge.
In answering your question, all assets must be filled out on the petition or form you fill out to give to the bankruptcy court, your attorney will help you with this. You have to list everything you own, not just what you think should be listed, for example, you get to keep a wedding band, but let’s say you have a wedding ring with a diamond in it, the bankruptcy trustee will sell it and take the proceeds from the sale and pay your creditors. You will be able to keep your a car (but if it was a porsche, your gonna sell it but in your description, you will get to keep your car. You will be able to keep clothes, as long as they are not designer clothes. As far as household goods, you will be able to keep them as long as you are current in payments on them. But one thing to beware of, all creditors can show up at a meeting to determine if they want you to sell certain items, creditors will have what is called a creditors meeting. Most creditors do not show up for this meeting unless you have items which are worth a lot of money. My final advice to you is, consult with an attorney as far as what can be kept. There are a lot of things you can and a lot of things you can’t keep, way to much to list here. There are about 20 law books on bankruptcy guidelines alone. Also, get in touch with a legal society in your local area. If you do not know, you can call the American Bar Association (ABA) or another attorney to find out the phone number for legal aid.
Self Employed Solo 401k: Investment Options
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