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Senior Member
What is the name of your state? TN

Ok, I read over and over that if you have assets to protect to use an attorney for a bankruptcy. I think I'd use one anyway, just to have peace of mind, but just what constitutes assets signficant enough to protect using an attorney ??

In my case, I don't have anything 'significant' in assets.. I have no house, I rent. I don't have any boats or expensive vehicles, my car is a 94 Grand Prix with nearly 100K miles on it.. with tranny and a/c problems it MIGHT bring 1200-1400 if I tried to sell it. I've valued all my personal property, and all of it will fall within my state's exemption , which is $4000, which includes my car. Almost every stick of furniture I own is well over 10 years old, most of it approaching 20 !! My computer is 5 years old.. so you might just as well consider that a huge paperweight.. with about the same value.. LOL. Any other electronics I have are also well over 10 years old, except for a $100 VCR I received as a gift 2 years ago.

So, you can see.. I really don't have much in the way of assets. I don't have a lot of money in the bank, I have one IRA account that has all of $700 in it. I have no savings.. what I had of that went down the tubes to survive the layoff earlier this year.

Just looking for opinions... :)

Thanks !


Senior Member

Here's how a lawyer friend of mine explained that situation. He said when you appear at a law office with a shoebox full of chargedoff Visa debt in one hand and, a summons in the other hand there is not a lot a lawyer can do.

But, if you see a lawyer and tell them, "I'm trying my best but if it doesn't turn around in 6 months I'm going to file for bk. What should I do now-just in case". Now, a lawyer can truely help you shift assets around and put cash into assets exempt from creditor seizure, etc. Ex. My state has probably the most liberal exemption in the country when it comes to IRA's. But, the cash value of whole life insurance policies can be seized by the trustee. The switch is obvious.

So, it's not necessarly how much is enough to use a lawyer but, giving a lawyer enough time to execute a plan that will place you and your assets in the most advantageous position available {legally of course}. It's just my experience that people who can recognize the reality of the situation early and get some help usually are a long way from broke when they get discharged.


Senior Member
Thanks Bigun :)

Unfortunately, at this point, there are probably 3 charge-offs.. but no lawsuits. I don't think I have much of anything that could or should be 'moved around' anyway.

HomeGuru.. you're too funny :D .. Are you volunteering for the 'rich boyfriend' who likes a ladynred ?? A 'lawya' ??? hehehe... cute.. but I'm only a transplant to the south, I was born and raised a Yankee from New York !! :cool:


Senior Member
Ladynred said:
but I'm only a transplant to the south, I was born and raised a Yankee from New York !! :cool:
well that was your first good move.....lol..

the second one is to stay here in the South...lol

and remember the further you get South the smarter you get, cause ya don't freeze yur buns off......LMAO...


Senior Member
Ya got that right Nailtech ! :) I've been in the South since 1990, and going back north just doesn't appeal to me any more. Its funny, I was the first in my family to move south.. now about half of us are in the south, including my Mom.. and she's 84 and lived in that one little NY town her entire life ! It seems I caused a sort of family 'migration'.. LOL.

I was told a few years ago that I'm now an honorary G.R.I.T. .. LOL

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