An Asset Unprotected

Wasson and ThornhillAsset Protection

Usually everything you own is exempt (protected). But what happens if you own an asset that is not exempt? What does the trustee do?   Chapter 7 is the “liquidation” form of bankruptcy. But in our last blog post we introduced the bankruptcy trustee as an only sometimes liquidator. That’s because in most Chapter 7 cases nothing gets liquidated. Nothing … Read More

The New IRA Exemption Limit

Wasson and ThornhillAsset Protection

Most pensions and other retirement funds are “exempt”–completely protected when you file bankruptcy. But there’s an exemption cap for IRAs.