Re: Question for Observer

Posted by observer (205.188.209.12) on March 26, 2003 at 20:41:14:

In Reply to: Question for Observer posted by Maxwell on March 26, 2003 at 20:03:04:

You will find that most people in defaulted debt situations have very few savings of any sort.
When Congress authorized IRA accounts the intent was to use as a nestegg for future retirement.
But, some are doing it. I live in a state that has no exemptions on IRA's. A lawyer friend of mine has handled some Chapter 7's that had 6 figure IRA's. In fact, he said a few years ago depending on what the stock market was doing in the time period of a 341 meeting that one IRA may have been in 7 figures.
Same principle about states like Fl and Tx that allow total exemption of equity in a home in bk. There is a reason Burt Reynolds and Bowie Kuhn moved to Fl prior to filing Bk. O.J. Simpson is in Fl for a reason other than great golf courses. If you have assets and can access legal help, you can order your affairs to place yourself in an advantageous position.

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