I want to file a Chapter 7 bankruptcy. I have gone for consultations to three law firms recently and none of the attorneys I have spoken to can give me a yes or no answer to the following questions:
1. In April 2005, I put money into a nonqualified annuity account at Prudential. Is this money definitely protected from bankruptcy? If yes then what is the limit on the amount of money that can be in the account?
2. If I am due a tax refund from federal and state is the money definitely protected from bankruptcy?
2 Answers from Attorneys
Your question can't be answered without additional facts.
As asked here your question is unanswerable for several reasons.
Whether Georgia or another state's exemptions apply - how long have you lived in Georgia.
What other assets do you have? There is NO exemption for tax refunds but many people exempt them under an unused homestead or wildcard. Whether THAT is available depends on what other assets you have.
The amount of the annuity and details affect the annuity answer. Georgia allows an annuity exemption to a limited extent: "A payment under a pension, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor;" Because of that terminology I have to know more details to assess the annuity. Again you may also be able to use a homestead or wildcard exemption towards it.
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