Would "private accounts" be considered assets in a bankruptcy?

[shraby]

This question was asked in an earlier thread and I think it deserves it's own thread.

[DustMolecule]

1. Well, not at first......give it time (n/t)

[shraby]

2. If the social security private account is,

then it could wipe out whatever was saved toward retirement. It would instead be used to pay down hospital bills, etc.

[DustMolecule]

3. I agree......it's 'personal disaster' for many many people

and it WILL happen (not to 'them', but to 'YOU', whoever 'you' are reading this) if this STUPID SS Plan gets put into place!

[Enquiringkitty]

4. Of course, whenever they say "private" and "do whatever you choose"

that makes it non-governmental and subject to liens and garnishments.....that's how it was explained to me anyway. This is all just like corporate tactics....read the fine print and look between the lines.

[CanOfWhoopAss]

5. Excellent catch and post.

I never considered it but I bet it would be. That in addition to everything Kitty said. Including any other type of court action.

[bklyncowgirl]

6. Very interesting.

My take on the Bush private accounts is that you're going to end up giving back most of it (the amount of your regular SS benefit plus 3%) to Uncle Sam in exchange for the guaranteed annuity and it's only what's over that amount that you is yours to keep. It sounds to me that if you're an older person that this money could be taken for bad debts under the new bankruptcy laws but I could be wrong.