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Great Wall of China questions


Forum: Adoption

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  #1  
June 19th, 2009, 03:37 PM
brandimomof2's Avatar Mega Super Mommy
Join Date: May 2008
Location: TX
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Has anyone ever gone through them? We qualify for everything except having $80,000 of net worth. I thought this was crazy. Who has that in today's time. We have a home but have only had it for 2 1/2 yrs. Our income qualifies but we dont have a net worth. What a barier for loving families that want to adopt and who qualify income wise.

Does anyone know if all adoptions need to have a net worth? What about state adoptions?

Thanks
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  #2  
June 19th, 2009, 05:58 PM
BensMom's Avatar Ephesians 4:29
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I've actually never heard of one that needs a net worth value. They probably require that rather than an "emergency fund". I don't know.
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  #3  
June 19th, 2009, 06:14 PM
brandimomof2's Avatar Mega Super Mommy
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How much of an emergency fund do most require?
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  #4  
June 20th, 2009, 04:41 PM
mswordwiz's Avatar Mega Super Mommy
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DH and I looked into a Chinese adoption, and on of the biggest drawbacks with an adoption from China with us, was well, we are not tiny people. Not morbidly obese (BMI over 40), but by their standards, our physical stature would be a drawback, and now they do have a standard for body fat for prospective parents that is the law in China.

Net worth requirement is not unusual in adoptions from that part of the world, that is taking into account, your 401K's IRA's value of any property, you may have more than you think.

this is off their site

"WHAT CAN I INCLUDE AS ASSETS?
Generally, anything that you own that you can sell or liquidate for cash can be included
as an asset. If you own your home, you can list the current market value or tax appraisal
value of your home. The Blue Book value of your vehicle may be listed. The value of
investments and retirement plans, such as a 401K, may be listed as well as the current
value of your checking and savings accounts. Other personal property such as jewelry,
antiques, artwork, furniture, appliances, etc. may also be listed as assets. Keep in mind
that you will need to provide documentation attesting to the value of all listed assets."

After seeing the site for that agency, I would be very very very hesitant to go with them when they offer different service plans to prospective parents, do your research. I noticed that they have seminars in June-July in Texas around the state. Go and check em out!!!
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And now there are 6....
Traci 14
Leigh 9
Brandon 6
Suzanne (1-18-2009)
Kyle & Luke (1-22-2009)

"Anyone engaging in illegal financial transactions will be caught and persecuted." --George W. Bush, Washington, D.C., Sept. 19, 2008

Another day, another 72% for the same work, different pay......
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  #5  
June 20th, 2009, 06:05 PM
brandimomof2's Avatar Mega Super Mommy
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Location: TX
Posts: 2,413
So I wonder if your home has to be paid for in order for it to be included as an asset? If it does not have to be paid for than we would qualify. I have heard nothing but good things about Great Wall. There the largest adoption agency for china and have great relationships with chinese officials. They have an office right in china as well.

They do have some strict standards though. One being that you can not have had any type of surgery in the past year which I find very odd. If its a minor surgery that doesnt affect your health then I dont see the problem. The whole weight thing is weird too.

I guess I just need to call them to see if we would qualify.

Does anyone know if its hard to get a grant to pay for adoption fees? I wonder if you have to pay for all the money up front or if its spread out?
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  #6  
June 20th, 2009, 07:30 PM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
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Net Worth = Value of Assets - Debts Owed on Them

That means, if your house is worth 200,000 and you owe 150,000, you have 50,000 equity to add to your net worth. If the KBB value of your car is 10,000 and you owe 14,000, you have a negative 4,000 to add to the total. If those were the only two things you had, your net worth in that case would be 46,000.

(I used to be a financial planner. I'm rusty, but I remember that one well.)
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  #7  
June 21st, 2009, 11:07 AM
mswordwiz's Avatar Mega Super Mommy
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You get a tax credit for the year that the adoption is final up to 10K per adoption. Unfortunately, you have to pay everything up front. There is usually assistance from different states to help parents with the cost of adoption, but those do not apply to international adoptions.
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And now there are 6....
Traci 14
Leigh 9
Brandon 6
Suzanne (1-18-2009)
Kyle & Luke (1-22-2009)

"Anyone engaging in illegal financial transactions will be caught and persecuted." --George W. Bush, Washington, D.C., Sept. 19, 2008

Another day, another 72% for the same work, different pay......
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  #8  
July 1st, 2009, 07:43 AM
Newbie
Join Date: Jul 2009
Posts: 1
I have completed 2 China adoptions (2004 and 2005) and I can tell you that the net worth requirement is a CHINA requirement not an agency one. In 2007, the CCAA who governs the China adoptions made stricter rule including the net worth and the BMI.

One word of caution to about China adoptions -- the wait has gotten extremely long. When we adopted our referrals came in 9 and 6.5 months. Now they are at 3+ YEARS.....

Becky
Mom to 2 from China Olivia age 6 and Sophia age 4
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  #9  
July 1st, 2009, 05:06 PM
Jessa78's Avatar Super Mommy
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Location: Lynchburg, VA
Posts: 903
Jiangxigirls2!
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Jessa, married to Blake these past fourteen years. Beginning the adoption process.

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