finances and O.J. Simpson...
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Financial Planning - Financial planning in general. (Moderated) 

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finances and O.J. Simpson... joeNOSPAM@bea.com 01-18-2008
Posted by rick++ on January 21, 2008, 3:42 pm
I saw this summary:

http://www.aicpa.org/pubs/jofa/jan2006/altieri.htm

A fair amount of complexity.


Posted by kastnna on January 21, 2008, 4:17 pm
> I saw this summary:
>
> http://www.aicpa.org/pubs/jofa/jan2006/altieri.htm
>
> A fair amount of complexity.

Agreed. Note too that the site you linked is bankruptcy-centric (as
bankruptcy is much more common an occurence). This brings the BAPCPA
into play which gives even more protections to the debtor.

I don't know whether OJ ever declared bankruptcy or not. Offhand, I
don't see why he should or how he even could.


Posted by Don on January 19, 2008, 8:48 pm

>> NFL pension.
>
> In the wake of the Las Vegas fiasco, I heard somewhere that his
> pension from the NFL is over $250k annually (unconfirmed). As the
> others said, this pension is creditor protected.

If he deposits a monthly pension check into a personal bank account,
does that mean the creditors can then take the money from his account?
Does it mean he would have to cash the check and then take all the cash
home with him in a briefcase in order to protect it from creditors?


Posted by John A. Weeks III on January 19, 2008, 10:23 pm

>
> >> NFL pension.
> >
> > In the wake of the Las Vegas fiasco, I heard somewhere that his
> > pension from the NFL is over $250k annually (unconfirmed). As the
> > others said, this pension is creditor protected.
>
> If he deposits a monthly pension check into a personal bank account,
> does that mean the creditors can then take the money from his account?
> Does it mean he would have to cash the check and then take all the cash
> home with him in a briefcase in order to protect it from creditors?

Yes. Or find some other way to hide the money so he can move
it off-shore or into a protected asset before the Goldman family
can attach it. BTW, this is a similar game to what folks on
Welfare have to play each month. At in the two states where I
frequent, folks who accept welfare are not allowed to have
bank accounts, and if they have any money left at the end of
the month, that amount is to be subtracted from the next month
check. Now you know why they live month to month.

-john-

--
======================================================================
John A. Weeks III           612-720-2854            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
======================================================================


Posted by Don on January 19, 2008, 11:28 pm

> Yes. Or find some other way to hide the money so he can move
> it off-shore or into a protected asset before the Goldman family
> can attach it. BTW, this is a similar game to what folks on
> Welfare have to play each month. At in the two states where I
> frequent, folks who accept welfare are not allowed to have
> bank accounts, and if they have any money left at the end of
> the month, that amount is to be subtracted from the next month
> check. Now you know why they live month to month.


Living like that it is hard to understand how O.J. could ever buy a
plane ticket to get to Las Vegas or anywhere else. The last I heard he
was living in South Miami. I presume it would be difficult for him to
have a credit card. I have known motels and other businesses that will
not accept cash. It is either use a credit card or no sale.


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