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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Interested in Pennsylvania bankruptcy law. My sister has had

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Interested in Pennsylvania bankruptcy law. My sister has had two strokes. Is in a nursing home. Not sure how long she will be but don't think she will be able to go back to work at any time. She will be living on a $1,400.00 a month retirement account of her deceased husband's. She was already heavily in debt with credit cards. Now she has medical bills.
She has a mobile home that is paid, a 2005 (?) Chevy Trailblazer, again paid. She has an investment account that is now down to a balance of $24,000.00.
My question is - will she be eligible for any type of bankruptcy with a balance in the investment account.
I believe her credit cards are approximately $20,000-$25,000.00. Some are set up in automatic withdrawals monthly and she cannot afford to keep paying them. Medicare A & B is her only insurance. She was in the hospital for 2 1/2- 3 months. Now in nursing home. Have no idea as of yet what those bills will amount to.

cfortunato : Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.
JACUSTOMER-9fjnhk5t- : Finally can get into the chat section! Anyone still around that can help me?
JACUSTOMER-9fjnhk5t- : I keep being told that data is downloading but I am not getting anything.
cfortunato : Hi!
cfortunato : I had asked if your sister's investment account is a retirement account.
cfortunato : Also, does your sister own a home?
cfortunato : Or does she live in her mobile home?
cfortunato : If she lives in her mobile home, what is the approximate value of her mobile home?
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
I switched out of the chat mode.
1) Is your sister's investment account a retirement account? If yes, what type of retirement account is it?
2) What is the current market value of your sister's mobile home?
3) Is your sister's mobile home her main residence?
Customer: replied 3 years ago.
Don't know for sure but think it is a retirement account. Don't know what type. Mobile home only so yes she does live in it. Home probably worth $40-$45,000.
Thank you for your response.

Given the information you provided, if your sister filed a Bankruptcy, she would be able to keep her investment account if, and only if, the account is a tax-deferred retirement account.
If her investment account is not a tax-deferred retirement account, the Bankruptcy court would be able to take the account if she files a Bankruptcy.

I think this is what you wanted to know. If not, please let me know.
Thank you.

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