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Author: MTS21 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1260  
Subject: BK7, effect on IRA and trading acct? Date: 10/9/2001 7:15 PM
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Hi!
First time post.
Planning BK7. I'm buried!
I have an unsecured line of credit with Waterhouse where my IRA account and regular stock trading account are also held. The Roth IRA has shrunk from 12K to 4K and there is only $13,000 in the other account. I owe $15,000 on the line of credit. My plan was to cash out the $17,000 and put it all toward federal IRS taxes that I owe. That part is ok, isn't it? Then, file ch. 7 to clear the $15,000 line of credit and about $70,000 in debt on credit cards. Once complete, is there any chance that I could expect my IRA and trading account to still exist so that I can start investing again with my fresh start? If not, would another brokerage firm take me on?
Thanks so much for advice!
Todd
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Author: jsn7 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 947 of 1260
Subject: Re: BK7, effect on IRA and trading acct? Date: 10/10/2001 1:14 PM
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First of all, don't worry about finding a brokerage firm until you get this straightened out.
Secondly, don't liqudiate anything and pay anyone unless your lawyer says it's ok. Contrary to poular belief, taxes can be included in bk but, there is a 5 part test to be met. Talk to your CPA about the situation and have them recommend a lawyer.
For the time being, keep paying on your car until you see a lawyer. I'd strongly urge you not to do this alone.

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