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if Im filing bankruptcy ,in 2003 I took a AIG out for me I

if I'm filing bankruptcy ,in...
if I'm filing bankruptcy ,in 2003 I took a AIG out for me I do not have a 401K can I keep that money or do I lose it?I'm 65 years old and in no good healt.
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Answered in 26 minutes by:
1/8/2009
VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
Verified

HelloCustomer

 

First, you are being threatened by a credit card company to take a vehicle that does not even have a lawsuit or judgment against you. This is illegal. If they are informing you that once they do have a judgment against you they can garnish assets that is one thing, but until they have gone to court they cannot take your Honda. Even then your vehicle is exempt up to $2,500.00.

 

If you file bankruptcy certain assets are exempt from being taken by the bankruptcy court. Depending on what you took out in 2003 it is most likely exempt if it is a qualified retirement plan.

 

In Kentucky here are the exemptions:


HOMESTEAD Real or personal property used as residence to $5,000; sale proceeds exempt

 

IInsurance / Annuities:

Group life insurance proceeds, unlimited amount

health or disability benefits, unlimited amount

fraternal society benefits, unlimited amount

annuity contract proceeds up to $350 per month

life insurance policy if beneficiary is a married woman, unlimited amount

life insurance proceeds if policy prohibits proceeds from being used to pay creditors, unlimited amount

life or casualty insurance benefits, unlimited amount

life insurance proceeds or cash value if beneficiary is someone other than insured, unlimited amount

 

Pensions / Retirement Plans:

Firefighters and police officers, unlimited amount

teachers, unlimited amount

state employees, unlimited amount

urban county government employees, unlimited amount

other pensions, unlimited amount

MISCELLANEOUS Alimony, child support is needed for support

Property of business partnership

PERSONAL PROPERTY Burial plot to $5,000 in lieu of homestead

Clothing, jewelry, articles or adornment and furnishings to $3,000 total

Health aids

Lost earnings payments needed for support

Medical expenses paid and reparation benefits received under motor

vehicle reparation law

Motor vehicle to $2,500

Personal injury recoveries to $7,500 (not to include pain and suffering

or pecuniary loss)

Wrongful death recoveries for person you depended on needed for

support

PUBLIC BENEFITS Aid to blind, aged, disabled, public assistance

Crime Victims' Compensation

Unemployment Compensation

Workers compensation

 

TOOLS OF TRADE Library, office equipment, instruments and furnishings of minister, attorney, physician, surgeon, chiropractor, veterinarian or dentist to

$1,000

Motor vehicle of mechanic, mechanical or electrical equipment servicer, minister, attorney, physician, surgeon, chiropractor, veterinarian or dentist to $2,500

Tools, equipment, livestock and poultry of farmer to $3,000

Tools of non-farmer to $300

WAGES Minimum 75% of earned but unpaid wages; bankruptcy judge may

authorize more for low-income debtors

WILDCARD $1,000 of any property

VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
Verified
VanDLaw and 87 other Bankruptcy Law Specialists are ready to help you
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VanDLaw
VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
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Experience: Chapter 7 & 13

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