Thank you for your response.
Annuities that are not IRS-qualified as tax exempt are generally not exempt (protected) from the Bankruptcy estate.
1) Have you lived in Florida continuously for the past 2 years? If not, where have you lived for the past 2 1/2 years?
2) Do you own a home?
3) If you do own a home, what is the current market value of your home?
4) If you do own a home, what is the balance on the mortgage(s) for the home?
5) How much money is in your annuity?
I am not sure I understand how your annuity works. If it is valued at $80,000, how is it that the principle is gone? Where is the principle?
Thank you for the clarification.
If it is not possible to get at the principal, then your annuity would be safe if you filed a Bankruptcy. Additionally, the income from the annuity would be treated the same as income from employment or income from a pension.
Income becomes a factor when filing a Chapter 7 Bankruptcy only if the gross monthly income for a household of two in Florida is greater than $4,275. Social Security income is not included in this figure.
If you have lived in Florida for less than 2 years when you file a Bankruptcy, you will have to use the New York Bankruptcy exemptions, as you cannot use Florida exemptions until you have lived in Florida continuously for 2 years. New York does not provide an exemption for a pre-paid funeral, but Florida does.
I think this is what you wanted to know. If not, please let me know.
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