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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Can any forclosure or credit card default result in risk to

Resolved Question:

Can any forclosure or credit card default result in risk to social security income?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

So sorry to hear of your dilemna. I will strive to provide you with legal information to assist you.

I am a Florida lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

No it cannot.

Social Security is exempt from the claims of most creditors. Credit card debt and debt resulting from a foreclosure cannot be attached to your social security. Only child support and some federal agencies may attach Social Security
Customer: replied 6 years ago.

Can you expand your answer?

Can any forclosure or credit card default result in risk to 401k or IRA?

Expert:  Ellen replied 6 years ago.


A foreclosure or credit card debt cannot be attached to a 401(k) or an IRA


If you would like additional details concerning my answer, please click REPLY and I will be happy to respond. Do not click relist as it will delay my response. Otherwise please click ACCEPT so that I receive credit for my work

Customer: replied 6 years ago.
Do the previous answers also apply if I file for bankruptcy instead of defaulting on credit card debt and/or walking away from a home mortgage?
Expert:  Ellen replied 6 years ago.
Yes. Social Security, 401(k) and IRA are considered exempt assets in a bankruptcy. This means you would be able to keep them
Ellen and other Bankruptcy Law Specialists are ready to help you

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