I am trying to see if my client was solvent or insolvent at the time of the debt cancellation. His wife had cancer and lots of hospital and credit card bills which piled up. Instead of filing bankruptcy he made settlement with most of them. He has teacher retirement - how is that figured as an asset? Do I have to know his balance left in his account. I believe the retirement ends when he dies, so less if he dies soon, and will collect more if he lives a long time. I think that when he dies the only money heirs receive is the remainder of what he paid in if the teacher hasn't already recouped that amount.
Does the retirement add to his assets?
Does the retirement add to his assets?
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