Me and the wife are looking at filing for a Ch. 7 sometime later this year, early next year-- when the prior one ages out. We were going to take part of our paltry $200 tax return and start a savings account apiece for a two sons (7 and newborn). What is the risk to our kids savings from bill collectors in the meantime and/or we have to report these accounts in a BK filing?
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Ultimately they'll be listed as assets on your petition but I'm sure you'll be able to exempt them.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick -
And I can assume a Savings Bond (which would be my preferred way of "locking up" the money) would be an asset even if they were listed as the sole owner?Comment
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Yes...are you worried about $200? Stash it under a mattress for awhile if you are that worried about it being taken. You can always include it in your cash on hand on your schedules if you remember.Originally posted by BrokeIn2010 View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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