blackacre-seeker_IHB
New member
Hi folks,
Just wanted to start this thread to collect and share the info on asset protection, maybe you know something I don't (likely
, so just post it here. If you know any free resources for that, I'd much appreciate this info as well.
Some of the info on asset protection I dug up on my own:
-Your retirement accounts like 401k, IRAs and so on are virtually creditor-proof except family support obligations.
-Homestead exemption (the equity you get to keep if the creditors force the sale of your house) is 75K in California for married couples. BTW, in Florida it is the entire house value (that is why OJ bought the house there in case you didn't know).
-Your furniture, no matter how fancy, you get to keep, if it is deemed necessary, same for clothing.
-Your burial plots not held as investment, just for you own use.
I'm not quite clear on the cars, is 2 per household?
Also, if the creditors are after your money now, if you pay off your debts (like student loans) it is not considered a fraudulent transfer because people pay off their debts all the time. I would not recommend paying off your mortgage or your car loan though, b/c you would have a nice debt-free asset for creditors to seize and/or force the sale of it.
Just wanted to start this thread to collect and share the info on asset protection, maybe you know something I don't (likely
, so just post it here. If you know any free resources for that, I'd much appreciate this info as well. Some of the info on asset protection I dug up on my own:
-Your retirement accounts like 401k, IRAs and so on are virtually creditor-proof except family support obligations.
-Homestead exemption (the equity you get to keep if the creditors force the sale of your house) is 75K in California for married couples. BTW, in Florida it is the entire house value (that is why OJ bought the house there in case you didn't know).
-Your furniture, no matter how fancy, you get to keep, if it is deemed necessary, same for clothing.
-Your burial plots not held as investment, just for you own use.
I'm not quite clear on the cars, is 2 per household?
Also, if the creditors are after your money now, if you pay off your debts (like student loans) it is not considered a fraudulent transfer because people pay off their debts all the time. I would not recommend paying off your mortgage or your car loan though, b/c you would have a nice debt-free asset for creditors to seize and/or force the sale of it.